Bulletin
Investor Alert

Market Pulse Archives

Oct. 21, 2019, 7:32 a.m. EDT

Kennametal warns of revenue 'well below' expectations, slashed outlook

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Kennametal Inc. (KMT)
  • X
    Dow Jones Industrial Average (DJIA)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of Kennametal Inc. /zigman2/quotes/208770361/composite KMT -0.42% plunged 15% in premarket trading Monday, after the industrial technology company warned Monday that fiscal first-quarter revenue would fall well more than expected and slashed its full-year outlook, citing further slowing in the general engineering, energy and transportation markets. The company expects to report revenue of $518 million down 12% from $587 million a year ago, and below the FactSet consensus of $547 million. For fiscal 2020, the company cut its adjusted earnings-per-share guidance range to $1.70 to $2.10 from $2.80 to $3.20, compared with the the FactSet consensus of $2.81, and revised its organic sales growth outlook to negative 9% to negative 5% from negative 2% to positive 2%. "Our first quarter results are well below our expectations as market conditions deteriorated more significantly than we anticipated across all regions, and primarily in the general engineering, energy and transportation end markets," said chief Executive Christopher Rossi. The company is projected to report results at or around the end of the month. The stock has dropped 10.2% over the past three months, while Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.38% has slipped 1.4%.

/zigman2/quotes/208770361/composite
US : U.S.: NYSE
$ 35.60
-0.15 -0.42%
Volume: 537,014
Dec. 9, 2019 6:30p
P/E Ratio
15.48
Dividend Yield
2.25%
Market Cap
$2.96 billion
Rev. per Employee
$231,251
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,909.60
-105.46 -0.38%
Volume: 219.07M
Dec. 9, 2019 5:16p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.