Kennametal quarterly earnings up dramatically
A year after the pandemic clamped down on the world’s economy, Kennametal Inc. said Monday its net income for the three-month period ending March 31 rose dramatically to $22.9 million from $2.2 million a year ago, even though sales grew only slightly to $484.6 million, from $483 million for the same quarter in 2020.
Kennametal CEO Chris Rossi said the company saw a 10% increase in sales compared to the quarter that ended Dec. 31, and there was growth in manufacturing production. The Pittsburgh-based company with a corporate complex in Unity is “optimistic that the worst of this crisis is behind us, and the momentum of the recovery will continue,” Rossi said in a statement.
Kennametal’s earnings per share reflected the improving economics for the industrial toolmaker, as earnings rose to 26 cents per share, compared to just 4 cents a share a year ago.
Kennametal saw a return to growth, compared to the same quarter in 2020, in its transportation and general engineering business, as well as its markets in the Asia-Pacific region.
Still, even though the worst of the pandemic may be behind them, Rossi said supply chain challenges remain.
Kennametal’s stock rose to $40.97 a share, up 81 cents, or 2.02%, in trading on Monday. The stock is trending close to the 52-week high of $43.04 a share.
The company declared a dividend of 20 cents per share, payable on May 25 to stockholders as of May 11.
Joe Napsha is a TribLive reporter covering Irwin, North Huntingdon and the Norwin School District. He also writes about business issues. He grew up on Neville Island and has worked at the Trib since the early 1980s. He can be reached at jnapsha@triblive.com.
Remove the ads from your TribLIVE reading experience but still support the journalists who create the content with TribLIVE Ad-Free.