PITTSBURGH (AP) _ Kennametal Inc. (KMT) on Monday reported fiscal third-quarter earnings of $2.9 million.
The Pittsburgh-based company said it had profit of 3 cents per share. Earnings, adjusted for pretax expenses and asset impairment costs, were 46 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 32 cents per share.
The engineered products maker posted revenue of $483.1 million in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $512.5 million.
Kennametal shares have decreased 40% since the beginning of the year. In the final minutes of trading on Monday, shares hit $22.29, a drop of 44% in the last 12 months.