Brief: Kennametal Announces Fiscal 2024 Second Quarter Results, Additional $200 Million Share Repurchase Program

Kennametal

07/02/2024 11:47

Feb 7 (Reuters) - Kennametal Inc  KMT.N :
    * KENNAMETAL ANNOUNCES FISCAL 2024 SECOND QUARTER RESULTS
AND
ADDITIONAL $200 MILLION SHARE REPURCHASE PROGRAM
    * HAVE UPDATED OUR FULL YEAR OUTLOOK TO REFLECT
MACRO-ECONOMIC
CONDITIONS WE ARE NOW SEEING
    * TAKING ADDITIONAL ACTIONS TO INCREASE SAVINGS OF OUR
CURRENT
RESTRUCTURING PROGRAM FROM $20 MILLION TO $35 MILLION BY END OF
FY24
    * : INTENDS TO REPURCHASE UP TO AN ADDITIONAL $200 MILLION
OF
KENNAMETAL COMMON STOCK OVER A THREE-YEAR PERIOD.
    * INTENDS TO REPURCHASE UP TO AN ADDITIONAL $200 MILLION OF
KENNAMETAL COMMON STOCK OVER A THREE-YEAR PERIOD
    * : EXPECTS TO FUND REPURCHASES THROUGH CASH GENERATED FROM
OPERATIONS.
    * FOR Q3 SALES EXPECTED TO BE $510 - $530 MILLION
    * FOR Q3 ADJUSTED EPS IS EXPECTED TO BE $0.25 - $0.35
    * ANNUAL SALES NOW EXPECTED TO BE $2.020 - $2.070 BILLION
    * : SEES  Q3 OF FISCAL 2024 ADJUSTED EPS  TO BE $0.25 -
$0.35
    * ANNUAL ADJUSTED EPS IS NOW EXPECTED TO BE $1.35 - $1.65
    * PRICING ACTIONS EXPECTED TO COVER RAW MATERIAL COSTS,
WAGES AND
GENERAL INFLATION FOR YEAR
    * : SEES Q3 SALES EXPECTED TO BE $510 MILLION- $530 MILLION
    * ANNUAL CAPITAL SPENDING EXPECTED TO BE APPROXIMATELY $100
- $110
MILLION
    * Q3 EARNINGS PER SHARE VIEW $0.48, REVENUE VIEW $535.0
MILLION --
LSEG IBES DATA
    * FY2024 EARNINGS PER SHARE VIEW $1.73, REVENUE VIEW $2.09
BILLION
-- LSEG IBES DATA
    * : QTRLY ADJUSTED EPS WAS $0.30

Source text for Eikon:  ID:nPn49cRxMa 
Further company coverage:  KMT.N