Kennametal Post Q3 Loss, Tightens 2015 EPS Outlook Range - Quick Facts

(RTTNews) - Kennametal, Inc. (KMT) reported a third-quarter net loss attributable to the company of $46.23 million or $0.58 per share, compared to net income of $50.87 million or $0.64 per share in the prior-year quarter.

Results for the latest quarter primarily include goodwill and other intangible asset impairment charges of $0.90 per share.

Excluding items, adjusted net income for the quarter was $36.74 million or $0.46 per share, compared to $60.08 million or $0.75 per share in the year-ago quarter.

On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter declined to $638.97 million from $755.24 million in the same quarter last year. Wall Street expected revenues of $645.56 million.

Looking ahead to fiscal 2015, Kennametal tightened adjusted earnings guidance to a range of $1.95 to $2.05 per share from the previous range of $1.90 to $2.10 per share.

The company also now expects total sales to decline 7 to 8 percent and organic sales to decline 5 to 6 percent. Previously, total sales decline was projected to be in the range of 6 to 7 percent, with organic sales decline of 4 to 5 percent.

Analysts are looking for full-year 2015 earnings of $1.96 per share on annual sales decline of 6.1 percent to $2.66 billion.

Kennametal also announced that its board of directors declared a quarterly cash dividend of $0.18 per share, payable on May 27 to shareholders of record as of the close of business on May 12, 2015.