U.S. Markets closed

Kennametal tops Street 3Q forecasts

PITTSBURGH (AP) _ Kennametal Inc. (KMT) on Tuesday reported fiscal third-quarter profit of $38.9 million.

On a per-share basis, the Pittsburgh-based company said it had profit of 48 cents. Earnings, adjusted for restructuring costs, were 60 cents per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.

The engineered products maker posted revenue of $528.6 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $512.3 million.

Kennametal expects full-year earnings in the range of $1.50 to $1.60 per share.

Kennametal shares have risen 29 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $40.48, a rise of 73 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KMT at https://www.zacks.com/ap/KMT

_____

Keywords: Kennametal, Earnings Report