Kennametal Fiscal 3Q Sales Top $500M

Pittsburgh-based Kennametal Inc. reported that fiscal 2022 third-quarter sales rose 6% year-over-year.
Kennametal fiscal 2022 3Q

Kennametal Inc. (NYSE: KMT) reported that fiscal 2022 third-quarter sales rose 6% year-over-year to $512 million.

Earnings per diluted share (EPS) for the quarter were $0.42 and adjusted EPS was $0.47.

“We posted strong results again this quarter marked by solid operating leverage that delivered approximately 300 basis points of adjusted operating margin improvement,” said Christopher Rossi, president and CEO. “These results demonstrate disciplined execution of our Commercial and Operational Excellence initiatives and timely pricing actions to cover inflation.”

Operating income for fiscal 3Q was $53 million, or 10.4% of sales, compared to $40 million, or 8.2% of sales, in the prior-year quarter, the company said.

The increase in operating income was due primarily to “organic sales growth, favorable pricing, approximately $3 million of incremental simplification/modernization benefits and favorable product mix, partially offset by higher raw material costs of approximately $13 million and higher manufacturing costs resulting from COVID-19 absenteeism and higher depreciation,” Kennametal said.

Adjusted operating income was $58 million, or 11.4% margin, compared to $42 million, or 8.6% margin, in 2021’s fiscal 3Q.

Related Posts

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.