2023-06-05 08:55:36 ET
Kennametal ( NYSE: KMT ) +3.7% pre-market Monday after disclosing it has started cost cutting measures it expects will deliver ~$20M in annualized run rate pre-tax savings by the end of FY 2024.
The company said it expects the moves also will result in a $20M pre-tax charge, mostly related to severance payments.
Kennametal ( KMT ) said it will continue to invest in its high-return Commercial and Operational Excellence initiatives while streamlining costs elsewhere.
The company also backed its full-year fiscal outlook, which was offered last month .
More on Kennametal:
Financial and valuation comparison to sector peers
- Analysis: Kennametal Is Profitable And The Balance Sheet Is Robust
- Stock price return: Up 13.5% YTD, down 3.5% in the past 12 months
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Kennametal to cut costs; expects $20M charge