WASHINGTON (dpa-AFX) - Kennametal Inc. (KMT) reported a profit for first quarter that decreased from the same period last year but beat the Street estimates.
The company's bottom line totaled $22.12 million, or $0.28 per share. This compares with $30.06 million, or $0.37 per share, in last year's first quarter.
Excluding items, Kennametal Inc. reported adjusted earnings of $22.62 million or $0.29 per share for the period.
Analysts on average had expected the company to earn $0.26 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 2.1% to $481.95 million from $492.48 million last year.
Kennametal Inc. earnings at a glance (GAAP) :
-Earnings (Q1): $22.12 Mln. vs. $30.06 Mln. last year. -EPS (Q1): $0.28 vs. $0.37 last year. -Revenue (Q1): $481.95 Mln vs. $492.48 Mln last year.
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