First quarter earnings at Kennametal (KMT) won a thumbs up from equity brokerage Jefferies as room to cut head count and costs further presents further upside for cash flows.
Ron DeFeo, former longtime chairman and CEO of Terex and current Kennametal board member, has been appointed as Kennametal’s new president and CEO.
Kennametal announced their second quarter earnings and revenue.
The company is expected to reported earnings of US$0.11 per share and total revenue of US$500.28 million for the quarter.
Kennametal’s Beyond Drive cutting inserts come in a range of grades and geometries and suit turning applications. The titanium oxycarbonitride outer coating (TiOCN) coating increases wear- and abrasionresistance for lower temperatures and prolongs tool life. The bronze colour also acts as an effective wear indicator that enables the inserts to serve up to 30 percent more parts per edge.
Kennametal has reported results for the 2016 fiscal first quarter ended September 30, 2015, with a loss per diluted share (LPS) of $0.08, compared with the prior year quarter EPS of $0.49. Adjusted EPS were $0.14 in the current quarter compared with $0.56 in the prior year quarter.
Kennametal Incorporated has announced the new chairman of its board of directors, Lawrence Stranghoener, effective from 27 October. He succeeds William R. Newlin who has retired.
Kennametal has launched a cloud-enabled digital tooling interface ToolBOSS to help machine shops with operation and management with respect to saving time, avoiding downtime and expensive overnight shipping.
Kennametal has announced that they have recently been recognised by Bosch with the Global Supplier Award and were the only tooling manufacturer to receive it. The biannual award is given to companies who have showed outstanding performance in the manufacture and supply of products or services in areas such as quality, cost, logistics and innovation.
Boeing has awarded Kennametal Incorporated with its 2014 Silver Supplier Performance Excellence Award. The award is given to suppliers that meet and exceed its exacting performance requirements for quality and delivery over a 12-month period.