2023-08-01 06:07:22 ET
- Kennametal press release ( NYSE: KMT ): Q4 Non-GAAP EPS of $0.51 misses by $0.08 .
- Revenue of $550.23M (+3.8% Y/Y) misses by $17.57M .
- Sales were $550 million compared with $530 million in the same quarter last year. Sales increased by 4 percent, driven by 7 percent organic growth, partially offset by an unfavorable currency exchange effect of 2 percent and an unfavorable business days effect of 1 percent.
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Outlook
The Company's expectations for the first quarter of fiscal 2024 and the full year are as follows:
Quarterly Outlook:
- Sales expected to be $485 - $510 million; foreign exchange anticipated to be flat compared to the first quarter of fiscal 2023
- Adjusted ETR is expected to be approximately 5 percent
- Adjusted EPS is expected to be $0.30 - $0.40
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Annual Outlook:
- Sales expected to be $2.1 - $2.2 billion
- Interest expense is expected to be approximately $28 million
- Adjusted EPS is expected to be $1.75 - $2.15
- Pricing actions expected to cover raw material costs, wages and general inflation
- Infrastructure margin improvement
- Free operating cash flow of 100 percent of adjusted net income
- Primary working capital as a percent of sales maintained at 30 - 32 percent throughout the year
- Capital spending expected to be approximately $100 - $110 million
- Adjusted ETR is expected to be approximately 24 percent
- $200 million three-year share repurchase program to continue
For further details see:
Kennametal Non-GAAP EPS of $0.51 misses by $0.08, revenue of $550.23M misses by $17.57M