Pittsburgh-based Kennametal Inc. (NYSE: KMT) had fiscal 2022 first-quarter sales of $484 million, a 21% increase over the same period the prior year.
Operating income for the quarter was $55 million, or 11.3% of sales, while net income was approximately $36 million. In the same quarter a year ago, the company reported losses.
The company also reported earnings per diluted share of $0.43, compared with loss per share of $0.26 in the prior year quarter, and adjusted EPS of $0.44, compared with $0.03 in the prior year quarter.
“The continued execution of our Commercial and Operational Excellence initiatives in an improving market environment resulted in strong performance this quarter, with sales and free operating cash flow outpacing normal quarterly sequential patterns,” said Christopher Rossi, president and CEO. “The results show substantial year-over-year margin improvement, driven by strong operating leverage and timely, strategic pricing actions.”
Rossi added: “Looking ahead, despite existing market and supply chain uncertainties, we remain confident in our ability to drive strong operating leverage for the full year.”
During the quarter, Kennametal also repurchased $13 million of common stock under its previously announced share repurchase program.