Kennametal Inc. (NYSE: KMT), Pittsburg, Pennsylvania, reported fourth-quarter sales of $516 million, which marked a 36% increase over the same quarter in 2020. Kennametal reported fiscal fourth-quarter net income of $35.1 million, after reporting a loss in the same period a year ago
Kennametal said it had a profit of 41 cents per share in the fourth quarter compared to a loss of 11 cents per share last year.
For fiscal 2021, the company reported earnings per share of six cents compared to a loss of 7 cents in the prior year. Sales decreased by 2% compared to the prior year.
“We ended fiscal 2021 with positive momentum driven by solid execution of our strategic commercial and operational excellence initiatives and continued recovery in our end-markets. In the quarter, we achieved strong operating leverage, free operating cash flow and 400 basis points of adjusted operating margin improvement year-over-year despite approximately 1,200 basis points of headwinds from prior year temporary cost controls,” said Kennametal CEO and President Christopher Rossi.
Kennametal also announced a share repurchase program of up to $200 million over the next three years, which Rossi said showed confidence in the company’s strategy going forward.