Kennametal Inc. Files Q1 Fiscal 2025 10-Q

TL;DR

KMT Q1 earnings report is in. Check fair value & hedging details.

AI Summary

Kennametal Inc. reported its first quarter results for the fiscal year ending June 30, 2025. The company's filing covers the period from July 1, 2024, to September 30, 2024. Key financial data and disclosures related to fair value measurements and hedging instruments are included.

Why It Matters

This filing provides investors with the latest financial performance and disclosures for Kennametal Inc., crucial for understanding the company's current operational health and risk management strategies.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediately apparent significant negative events.

Key Players & Entities

• KENNAMETAL INC (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241106 (date) — Filing Date
• 525 WILLIAM PENN PLACE (address) — Business and Mailing Address
• PITTSBURGH (location) — City
• PA (location) — State
• 15219 (postal_code) — ZIP Code
• 4122488000 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $1.25 — ch registered Capital Stock, par value $1.25 per share KMT New York Stock Exchange

Filing Documents

• kmt-20240930.htm (10-Q) — 1085KB
• kmt930202410-qex311.htm (EX-31.1) — 10KB
• kmt93202410-qex312.htm (EX-31.2) — 10KB
• kmt930202410-qex321.htm (EX-32.1) — 6KB
• 0000055242-24-000067.txt ( ) — 7802KB
• kmt-20240930.xsd (EX-101.SCH) — 49KB
• kmt-20240930_cal.xml (EX-101.CAL) — 68KB
• kmt-20240930_def.xml (EX-101.DEF) — 395KB
• kmt-20240930_lab.xml (EX-101.LAB) — 742KB
• kmt-20240930_pre.xml (EX-101.PRE) — 592KB
• kmt-20240930_htm.xml (XML) — 1090KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1. Financial Statements Condensed Consolidated Statements of Income (Unaudited) Three months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three months ended September 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets (Unaudited) September 30, 2024 and June 30, 2024 5 Condensed Consolidated Statements of Cash Flow (Unaudited) Three months ended September 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20 3. Quantitative and Qualitative Disclosures About Market Risk 30 4. Controls and Procedures 30 5. Other Information 30

- OTHER INFORMATION

PART II - OTHER INFORMATION 1. Legal Proceedings 31 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 31 6. Exhibits 32

Signatures

Signatures 33 2 Table of Contents FORWARD-LOOKING INFORMATION This Quarterly Report on Form 10-Q contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements that do not relate strictly to historical or current facts. You can identify forward-looking statements by words such as "should," "anticipate," "estimate," "approximate," "expect," "may," "will," "project," "intend," "plan," "believe" and other words of similar meaning and expression in connection with any discussion of future operating or financial performance or events. We have also included forward-looking statements in this Quarterly Report on Form 10-Q concerning, among other things, our strategy, goals, plans and projections regarding our financial position, liquidity and capital resources, results of operations, market position and product development. These statements are based on current estimates that involve inherent risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, our actual results could vary materially from our current expectations. There are a number of factors that could cause our actual results to differ from those indicated in the forward-looking statements. They include: uncertainties related to changes in macroeconomic and/or global conditions, including as a result of increased inflation and Russia's invasion of Ukraine and the resulting sanctions on Russia; the conflict in the Middle East; other economic recession; our ability to achieve all anticipated benefits of restructuring, simplification and modernization initiatives; Commercial Excellence growth initiatives, Operational Excellence initiatives, our foreign operations and international markets, such as currency exchange rates, different regu

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS KENNAMETAL INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended September 30, (in thousands, except per share amounts) 2024 2023 Sales $ 481,948 $ 492,476 Cost of goods sold 330,939 329,578 Gross profit 151,009 162,898 Operating expense 111,653 111,649 Restructuring and other charges, net (Note 6) 611 3,086 Amortization of intangibles 2,718 3,045 Operating income 36,027 45,118 Interest expense 6,312 6,601 Other (income) expense, net ( 1,657 ) 89 Income before income taxes 31,372 38,428 Provision for income taxes 7,906 8,059 Net income 23,466 30,369 Less: Net income attributable to noncontrolling interests 1,343 312 Net income attributable to Kennametal $ 22,123 $ 30,057 PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS Basic earnings per share $ 0.28 $ 0.38 Diluted earnings per share $ 0.28 $ 0.37 Basic weighted average shares outstanding 78,067 80,025 Diluted weighted average shares outstanding 78,657 80,699 KENNAMETAL INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended September 30, (in thousands) 2024 2023 Net income $ 23,466 $ 30,369 Other comprehensive income (loss), net of tax Unrealized loss on derivatives designated and qualified as cash flow hedges ( 84 ) — Reclassification of unrealized gain on derivatives designated and qualified as cash flow hedges ( 222 ) ( 192 ) Unrecognized net pension and other postretirement benefit plans (loss) gain ( 2,575 ) 1,517 Reclassification of net pension and other postretirement benefit plans loss 2,186 1,054 Foreign currency translation adjustments 35,036 ( 20,188 ) Total other comprehensive income (loss), net of tax 34,341 ( 17,809 ) Total comprehensive income 57,807 12,560 Less: comprehensive income (loss) attributable to noncontrolling interests 2,066 ( 326 ) Comprehensive income attributable to Kennametal Shareholders $ 55,741 $ 12,886 The accompanying notes are an integr

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View this 10-Q filing on SEC EDGAR