Reuters: Global Markets: Kennametal posts lower quarterly profit, cuts outlook

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Kennametal posts lower quarterly profit, cuts outlook Oct 24th 2012, 12:44 Wed Oct 24, 2012 8:44am EDT (Reuters) - Kennametal Inc (KMT.N)'s quarterly profit missed Wall Street forecasts by a wide margin on Wednesday and the industrial toolmaker cut its sales and earnings outlook for the full year, citing slowing economies. Its shares fell 7 percent in premarket trading. Kennametal, considered a proxy for global industrial production, said net income fell to $46.4 million, or 57 cents per share, in the fiscal first quarter that ended September 30, from $72.0 million, or 88 cents per share, a year ago. That fell short of average analyst estimates by 30 cents a share, according to Thomson Reuters I/B/E/S. Sales fell 4 percent to $629 million, below estimates of $690 million. A stronger U.S. dollar contributed to the sales decline. Latrobe, Pennsylvania-based Kennametal said the macroeconomic environment was slowing, but U.S. and Asian industrial demand was likely to improve in the second half of its fiscal year that ends in June. It forecast fiscal 2013 profits of $3.40 to $3.70 per share, below its previous range of $4.10 to $4.40 and below analyst estimates of $4.15 a share. Kennametal estimated 2013 sales will increase 3 percent to 6 percent. Its previous estimate called for sales to rise 7 percent to 10 percent. (Reporting by Nick Zieminski in New York; Editing by Jeffrey Benkoe and Maureen Bavdek) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions