Kennametal Fiscal 2Q Sales Rise - Modern Distribution Management

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Kennametal Fiscal 2Q Sales Rise

Pittsburgh-based Kennametal Inc. says its fiscal 2022 second-quarter sales of $487 million were 10% above the same period last year.
Kennametal 2Q 2022 earnings

Pittsburgh-based Kennametal Inc. (NYSE: KMT) reported fiscal 2022 second-quarter sales of $487 million, a 10% increase over the same quarter the prior year.

The company also reported earnings per diluted share of $0.37, compared with $0.23 in the prior year quarter, and adjusted EPS of $0.35, compared with adjusted EPS of $0.16 in the prior year quarter.

“We posted strong results again this quarter, reflected in both operating leverage and free operating cash flow,” said Christopher Rossi, Kennametal president and CEO. “As expected, we delivered year-over-year and sequential growth in all our end markets, with the exception of Transportation where supply chain issues continue to challenge our customers. Our results also demonstrated continued success in the execution on our Commercial and Operational Excellence programs, including wins in key growth areas like electric vehicles and further pricing actions to address inflationary pressures.

The company reported operating income of $48 million, or 9.8% of sales, compared to $19 million, or 4.3% of sales, in the prior year quarter.

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