Kennametal Announces Fourth Quarter and Fiscal 2014 Results
Kennametal Inc. recently announced fiscal 2014 and fourth-quarter results. For fiscal 2014, the company reported earnings per diluted share (EPS) of $1.99, compared with $2.52 during the prior year. The current year adjusted EPS were $2.50 absent nonrecurring charges and results of the Tungsten Materials Business (TMB).
For its fiscal fourth quarter, the company reported EPS of $0.57, compared with the prior year quarter EPS of $0.76. The current quarter adjusted EPS were $0.75 absent nonrecurring charges and TMB results.
“During the June quarter, we saw accelerating growth and ongoing strength in our served industrial markets; however, certain sectors are still challenging,” said Kennametal Chairman, President and CEO Carlos Cardoso. “Although we have yet to realize the full potential of our operating leverage, we continued to elevate our base performance and protect our profitability. Since necessary investments in sales and other customer-facing functions were made in fiscal 2014, we will manage a tighter cost structure as we move ahead.”
Highlights
- Total sales growth of 15%; organic sales growth of 5%
- Reported EPS of $0.57; adjusted EPS of $0.75
- Acquisition and restructuring charges of $17 million; divestiture of non-core business for $10 million cash
- Fiscal year operating cash flow of $272 million
Cardoso added, “We remain pleased with the progress related to the integration of our Tungsten Materials Business, which is currently ahead of schedule. We will continue to manage our business and control what factors we can.”
