- Kennametal's share price has been on a tear, but the financial results aren't following yet with a Q1 net loss and negative FCF.
- If we filter out the non-recurring elements, the picture looks better, but we aren't even close to pre-COVID profitability yet.
- Kennametal's capex program has been concluded and the ongoing capex should be less than half what has been spent in the previous years.
- FY 2021 will still be difficult for the company but the market appears to be applying a longer-term vision (as it should).
For further details see:
Kennametal: The Share Price Has Increased, But The Financial Results Are Lagging