Shares of Kennametal (NYSE: KMT) plummeted by 11% today after the company reported fiscal first-quarter earnings. The results were mixed compared to analyst expectations.
Revenue in the fiscal first quarter fell by 23% to $400.3 million, which was ahead of the $384.3 million in sales that Wall Street was looking for. That translated into adjusted earnings per share of $0.03, shy of the consensus estimate of $0.05. The industrial materials company is making progress on the simplification and modernization initiative that it has been working on. Kennametal realized approximately $22 million in incremental benefits related to the effort during the quarter.
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Why Kennametal Stock Plummeted Today