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Kennametal Announces Fourth Quarter And Fiscal 2017 Results; Provides Fiscal 2018 Outlook

PITTSBURGH, Aug. 2, 2017 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) today announced fiscal 2017 and fourth quarter results. For fiscal 2017, the company reported earnings per diluted share (EPS) of $0.61, compared with a loss per diluted share (LPS) of $2.83 in the prior year. Adjusted EPS were $1.52 in the current year compared to $1.11 in the prior year. For its fiscal fourth quarter, the company reported EPS of $0.30, compared with the prior year quarter LPS of $0.83. The current quarter adjusted EPS were $0.56, compared to $0.44 in the prior year quarter.

"Fiscal year 2017 has been a year of substantial change at Kennametal on many levels," commented Executive Chairman of the Board, Ron De Feo. "After re-organizing the company to allow positive transformation, we focused on simplifying the company, improving sales execution and cost reduction. We have made significant achievements in each of these areas. The markets improved steadily through the year, and in the fourth quarter, organic sales grew at 12 percent - a quarterly rate of growth not seen since the December quarter of fiscal 2012. Total year organic growth was 4 percent, with year-over-year growth in all segments. Furthermore, our cost reduction achievements were significant and we believe that we are well-positioned to improve further as we move steadily forward with our multi-year plans."

De Feo continued, "Adjusted EPS of $0.56 for the quarter and $1.52 for the year compare favorably with prior year, but are at the lower end of our expectations, as margins in the fourth quarter were impacted negatively in the amount of $0.05 per share due to a LIFO charge, increased variable compensation in addition to productivity challenges as a result of higher than anticipated organic sales."

"For fiscal year 2018, we expect adjusted EPS between $2.00 and $2.30, on organic sales growth of 2 to 4 percent, reflecting further significant achievements in cost reduction and margin improvement. Our capital expenditures are expected to be in the range of $210 to $230 million as we aggressively modernize facilities and begin to optimize our end-to-end processes, which is expected to result in slightly positive free operating cash flow."

Chris Rossi, Kennametal President and CEO commented, "I am honored to be joining the Kennametal team at this exciting time in the Company's history. There is much to do to finish the work already started on modernization and end-to-end process improvement, and I look forward to working with the team and other stakeholders in the years to come."

This earnings release contains non-GAAP financial measures. Reconciliations of all non-GAAP financial measures are set forth in the tables attached to this earnings release, and corresponding descriptions are contained in the company's report on Form 8-K, to which this news release is attached, and which was filed with the Securities and Exchange Commission (SEC) on August 2, 2017.

Fiscal 2017 Fourth Quarter Key Developments

  • Sales were $565 million compared with $521 million in the same quarter last year. Sales increased by 8 percent, reflecting 12 percent organic growth, offset partially by a 2 percent decrease due to fewer business days and a 2 percent unfavorable currency exchange impact.
  • On a combined basis, pre-tax restructuring and related charges amounted to $23 million, or $0.26 per share, primarily from severance and a facility closure. Pre-tax benefits were approximately $37 million, or $0.39 per share in the quarter. In the same quarter last year, pre-tax restructuring and related charges were $16 million, or $0.10 per share, and pre-tax benefits were approximately $10 million, or $0.10 per share.
  • Operating income was $40 million, compared with $25 million in the same quarter last year. Adjusted operating income was $63 million, compared with $47 million in the prior year quarter. The increase in adjusted operating income was driven by incremental restructuring benefits, organic sales growth and favorable mix, partially offset by higher performance-based compensation, higher raw material costs and a LIFO inventory charge. Adjusted operating margin was 11.2 percent in the current period and 9.0 percent in the prior period.
  • The reported effective tax rate (ETR) was 22.6 percent and the adjusted ETR was 16.8 percent. The difference between reported and adjusted ETRs is due to restructuring and related charges. For the fourth quarter of fiscal 2016, the reported ETR was not meaningful due to the $81 million U.S. deferred tax valuation allowance recorded in the period, and the adjusted ETR was 16.0 percent. The difference between reported and adjusted effective tax rates is mainly related to the U.S. deferred tax valuation allowance, tax impact of prior impairment charges, divestiture and restructuring and related charges. The primary driver of the increase in the adjusted ETR is unfavorable jurisdictional mix of earnings.
  • EPS were $0.30, compared with the prior year quarter LPS of $0.83. Adjusted EPS were $0.56 in the current year quarter and $0.44 in the prior year quarter.
  • The company generated year-to-date free operating cash flow of $79 million compared with $115 million in the prior year. The decrease in free operating cash flow was driven primarily by the prior year favorable impact of divestiture of $33 million.
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) were $66 million, compared with $54 million in the prior year quarter. Adjusted EBITDA were $89 million in the current quarter and $76 million in the prior year quarter.

Segment Developments for the Fiscal 2017 Fourth Quarter

  • Industrial segment sales of $300 million increased 5 percent from $286 million in the prior year quarter due to organic sales growth of 10 percent, partially offset by unfavorable currency exchange of 3 percent and a 2 percent decrease due to fewer business days. Excluding the impact of currency exchange, sales increased approximately 22 percent in energy, 8 percent in general engineering, 6 percent in aerospace and defense and 5 percent in transportation. General engineering sales continue to benefit from growth in the indirect channel, supported by increasing demand in the U.S. energy markets and China transportation markets. Oil and gas drilling and power generation in the Americas contributed to the growth in energy sales. Consistent with recent trends, transportation sales increased in the Asia markets to tiered suppliers and OEMs. Conditions in the aerospace sector were mixed as growth in engine-related sales was partially offset by declines in frames. On a segment regional basis excluding the impact of currency exchange, sales increased 14 percent in Asia, 9 percent in the Americas and 4 percent in Europe.
  • Industrial segment operating income was $21 million compared with $30 million in the prior year period. Adjusted operating income was $36 million compared to $40 million in the prior year quarter, driven primarily by higher performance-based compensation, a LIFO inventory charge, lower productivity and unfavorable currency exchange, partially offset by incremental restructuring benefits and organic sales growth. Industrial adjusted operating margin was 11.9 percent compared with 13.9 percent in the prior year.
  • Widia segment sales of $47 million increased 10 percent from $43 million in the prior year quarter, driven by organic growth of 14 percent, offset partially by a 3 percent decrease due to fewer business days and an unfavorable currency exchange impact of 1 percent. Contributing to Widia organic growth are increasing demand in the U.S. energy markets in addition to channel partner development, in particular the development of national and regional distribution in Europe. On a segment regional basis excluding the impact of currency exchange, sales increased 15 percent in the Americas, 13 percent in Asia and 2 percent in Europe.
  • Widia segment operating loss was $2 million compared to $1 million in the prior year. Adjusted operating results were break even, compared to adjusted operating income of $1 million in the prior year quarter, primarily driven by higher performance-based compensation and a LIFO inventory charge, partially offset by incremental restructuring benefits and organic growth. Widia adjusted operating margin was break even, compared with adjusted operating income margin of 1.7 percent in the prior year.
  • Infrastructure segment sales of $217 million increased 13 percent from $193 million in the prior year due to 14 percent organic sales growth, offset partially by a decrease of 1 percent due to fewer business days. Excluding the impact of currency exchange, Infrastructure sales increased approximately 41 percent in energy, 8 percent in earthworks and 5 percent in general engineering. Sales have been favorably impacted by the energy markets, which have continued to strengthen. This is in addition to the year-over-year growth in underground mining in all regions. Compared to the prior year, construction sales were down due to softening business in Europe and Asia. On a segment regional basis excluding the impact of currency exchange, sales increased 22 percent in the Americas and 11 percent in Asia, while sales decreased 11 percent in Europe.
  • Infrastructure segment operating income was $18 million compared with operating loss of $4 million in the prior year period. Adjusted operating income was $24 million compared to $6 million in the prior year quarter, driven primarily by incremental restructuring benefits, favorable mix, organic sales growth and higher absorption and productivity, partially offset by higher raw material costs and performance-based compensation. Infrastructure adjusted operating margin was 11.0 percent compared with 3.4 percent in the prior year.

Fiscal 2017 Key Developments

  • Sales were $2,058 million, compared with $2,098 million last year. Sales decreased by 2 percent, driven by divestiture impact of 4 percent and 2 percent unfavorable currency exchange, partially offset by 4 percent organic sales growth.
  • Combined restructuring programs delivered full fiscal 2017 year-over-year incremental savings of approximately $72 million.
  • Operating income was $113 million, compared with operating loss of $175 million in the same period last year. Adjusted operating income was $189 million, compared with $126 million in the prior year. Adjusted operating income increased primarily due to incremental restructuring benefits, better absorption and productivity, organic sales growth and lower raw material costs, partially offset by unfavorable mix and higher employment-related costs. Adjusted operating margin was 9.2 percent, compared to 6.2 percent in the prior year.
  • EPS were $0.61 in the current year, compared with LPS of $2.83 in the prior year. Adjusted EPS were $1.52 in the current year and $1.11 in the prior year.

Restructuring Programs

Restructuring programs are currently expected to produce combined annual ongoing pre-tax permanent savings of $165-$180 million. In total, pre-tax charges for these initiatives are expected to be approximately $165-$195 million.

Restructuring and related charges and savings (pre-tax)



Estimated
Charges

Current
Quarter
Charges

Charges
To Date

Estimated
Annualized
Savings

Approximate
Current
Quarter
Savings

Expected
Completion
Date

Headcount reduction initiatives

$60M-$70M

$14M

$56M

$90M

$20M

12/31/2017

Other

$105M-$125M

$9M

$92M

$75M-$90M

$17M

12/31/2018

Total

$165M-$195M

$23M

$148M

$165M-$180M

$37M









Outlook

The company expects 2018 adjusted EPS between $2.00 and $2.30, on organic sales growth of 2 to 4 percent, reflecting further significant achievements in cost reduction and margin improvement. Capital expenditures are expected to be in the range of $210 to $230 million as the company continues modernizing facilities and optimizing end-to-end processes, which the company expects will result in slightly positive free operating cash flow.

Dividend Declared

Kennametal also announced that its board of directors declared a quarterly cash dividend of $0.20 per share. The dividend is payable on August 31, 2017 to shareholders of record as of the close of business on August 18, 2017.

The company will discuss its fiscal 2017 fourth-quarter results in a live webcast at 8:30 a.m. Eastern Time Thursday, August 3, 2017. This event will be broadcast live on the company's website, www.kennametal.com. To access the webcast, select "About Us", "Investor Relations" and then "Events." A recorded replay of this event also will be available on the company's website through September 3, 2017.

Certain statements in this release may be forward-looking in nature, or "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements that do not relate strictly to historical or current facts. For example, statements about Kennametal's outlook for earnings, sales volumes, cash flow and capital expenditures for fiscal year 2018 and our expectations regarding future growth and financial performance are forward-looking statements. Any forward looking statements are based on current knowledge, expectations and 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: economic recession; our ability to achieve all anticipated benefits of restructuring initiatives; our foreign operations and international markets, such as currency exchange rates, different regulatory environments, trade barriers, exchange controls, and social and political instability; changes in the regulatory environment in which we operate, including environmental, health and safety regulations; potential for future goodwill and other intangible asset impairment charges; our ability to protect and defend our intellectual property; continuity of information technology infrastructure; competition; our ability to retain our management and employees; demands on management resources; availability and cost of the raw materials we use to manufacture our products; product liability claims; integrating acquisitions and achieving the expected savings and synergies; global or regional catastrophic events; demand for and market acceptance of our products; business divestitures; energy costs; commodity prices; labor relations; and implementation of environmental remediation matters. Many of these risks and other risks are more fully described in Kennametal's latest annual report on Form 10-K and its other periodic filings with the Securities and Exchange Commission. We can give no assurance that any goal or plan set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements, which speak only as of the date made. We undertake no obligation to release publicly any revisions to forward-looking statements as a result of future events or developments.

About Kennametal
At the forefront of advanced materials innovation for more than 75 years, Kennametal Inc. is a global industrial technology leader delivering productivity to customers through materials science, tooling and wear-resistant solutions. Customers across aerospace, earthworks, energy, general engineering and transportation turn to Kennametal to help them manufacture with precision and efficiency. Every day approximately 11,000 employees are helping customers in more than 60 countries stay competitive. Kennametal generated nearly $2.1 billion in revenues in fiscal 2017. Learn more at www.kennametal.com.

FINANCIAL HIGHLIGHTS

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)






Three Months Ended
June 30,


Twelve Months Ended
June 30,

(in thousands, except per share amounts)

2017


2016


2017


2016

Sales

$

565,025



$

521,224



$

2,058,368



$

2,098,436


Cost of goods sold

384,736



354,540



1,400,661



1,482,369


     Gross profit

180,289



166,684



657,707



616,067


Operating expense

115,359



121,148



463,167



494,975


Restructuring and asset impairment charges

20,788



15,312



65,018



143,810


Loss on divestiture



712





131,463


Amortization of intangibles

3,912



4,448



16,578



20,762


     Operating income (loss)

40,230



25,064



112,944



(174,943)


Interest expense

7,367



6,857



28,842



27,752


Other (income) expense, net

(243)



(2,541)



2,227



(4,124)


    Income (loss) from continuing operations before income taxes

33,106



20,748



81,875



(198,571)


    Provision for income taxes

7,494



86,812



29,895



25,313


Net income (loss)

25,612



(66,064)



51,980



(223,884)


Less: Net income attributable to noncontrolling interests

969



451



2,842



2,084


Net income (loss) attributable to Kennametal

$

24,643



$

(66,515)



$

49,138



$

(225,968)


PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS





Basic earnings (loss) per share

$

0.31



$

(0.83)



$

0.61



$

(2.83)


Diluted earnings (loss) per share

$

0.30



$

(0.83)



$

0.61



$

(2.83)


Dividends per share

$

0.20



$

0.20



$

0.80



$

0.80


Basic weighted average shares outstanding

80,746



79,890



80,351



79,835


Diluted weighted average shares outstanding

81,850



79,890



81,169



79,835


 

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)





(in thousands)

June 30, 2017


June 30, 2016

 

 ASSETS




Cash and cash equivalents

$

190,629


$

161,579

Accounts receivable, net

380,425


370,916

Inventories

487,681


458,830

Other current assets

55,166


84,016

Total current assets

1,113,901


1,075,341

Property, plant and equipment, net

744,388


730,640

Goodwill and other intangible assets, net

491,894


505,695

Other assets

65,313


51,107

Total assets

$

2,415,496


$

2,362,783

 

 LIABILITIES




Current maturities of long-term debt and capital leases, including notes payable

$

925


$

1,895

Accounts payable

215,722


182,039

Other current liabilities

244,831


243,341

Total current liabilities

461,478


427,275

Long-term debt and capital leases

694,991


693,548

Other liabilities

206,374


246,159

Total liabilities

1,362,843


1,366,982

KENNAMETAL SHAREHOLDERS' EQUITY

1,017,294


964,323

NONCONTROLLING INTERESTS

35,359


31,478

Total liabilities and equity

$

2,415,496


$

2,362,783

 

SEGMENT DATA (UNAUDITED)

Three Months Ended
June 30,

Twelve Months Ended
June 30,

(in thousands)

2017


2016

2017


2016

Outside Sales:







Industrial (1)

$

300,318


$

285,547

$

1,126,309


$

1,098,439

Widia (1)

47,477


43,027

177,662


170,723

Infrastructure

217,230


192,650

754,397


829,274

Total outside sales

$

565,025


$

521,224

$

2,058,368


$

2,098,436

Sales By Geographic Region:







North America

$

269,507


$

234,233

$

953,954


$

953,212

Western Europe

132,431


142,480

499,435


574,957

Rest of World

163,087


144,511

604,979


570,267

Total sales by geographic region

$

565,025


$

521,224

$

2,058,368


$

2,098,436

Operating Income (Loss):







Industrial (1)

$

20,705


$

30,469

$

82,842


$

90,324

Widia (1)

(1,808)


(1,028)

(9,606)


(9,081)

Infrastructure

17,554


(3,888)

40,011


(246,306)

Corporate (2)

3,779


(489)

(303)


(9,880)

Total operating income (loss)

$

40,230


$

25,064

$

112,944


$

(174,943)















(1)  Amounts for the three and twelve months ended June 30, 2016 have been restated to reflect the change in
     reportable operating segments.

(2)  Represents unallocated corporate expenses.

In addition to reported results under generally accepted accounting principles in the United States of America (GAAP), the following financial highlight tables include, where appropriate, a reconciliation of adjusted results including: sales; gross profit and margin; operating expense; operating expense as a percentage of sales; operating income (loss) and margin; effective tax rate; net income (loss); E(L)PS; Industrial sales, operating income and margin; Widia sales, operating (loss) income and margin; Infrastructure sales, operating income (loss) and margin; free operating cash flow; and earnings before interest, taxes, depreciation and amortization (E(L)BITDA) and margin (which are non-GAAP financial measures), to the most directly comparable GAAP measures. For those adjustments that are presented 'net of tax', the tax effect of the adjustment can be derived by calculating the difference between the pre-tax and the post-tax adjustments presented. The tax effect on adjustments is calculated by preparing an overall tax calculation including the adjustments and then a tax calculation excluding the adjustments. The difference between these calculations results in the tax impact of the adjustments.

Management believes that investors should have available the same information that management uses to assess operating performance, determine compensation and assess the capital structure of the company. These non-GAAP measures should not be considered in isolation or as a substitute for the most comparable GAAP measures. Investors are cautioned that non-GAAP financial measures utilized by the company may not be comparable to non-GAAP financial measures used by other companies. Reconciliations of all non-GAAP financial measures are set forth in the attached tables and descriptions of certain non-GAAP financial measures are contained in our report on Form 8-K to which this release is attached, and which was filed with the SEC on August 2, 2017.

THREE MONTHS ENDED JUNE 30, 2017 (UNAUDITED)


(in thousands, except percents)

Sales

Gross
profit

Operating
expense

Operating
income

Effective
tax rate

Net
income (3)

Diluted
EPS

Reported results

$

565,025


$

180,289


$

115,359


$

40,230


22.6

%

$

24,643


$

0.30


Reported margins


31.9

%

20.4

%

7.1

%




Restructuring and related charges


1,680


(697)


23,165


(5.8)


21,186


0.26


Adjusted results

$

565,025


$

181,969


$

114,662


$

63,395


16.8

%

$

45,829


$

0.56


Adjusted margins


32.2

%

20.3

%

11.2

%















(3)  Represents amounts attributable to Kennametal Shareholders.








 


Industrial

Widia

Infrastructure

(in thousands, except percents)

Sales

Operating
income

Sales

Operating
loss

Sales

Operating
income

Reported results

$

300,318


$

20,705


$

47,477


$

(1,808)


$

217,230


$

17,554


Reported operating margin


6.9

%


(3.8)

%


8.1

%

Restructuring and related charges


15,054



1,791



6,320


Adjusted results

$

300,318


$

35,759


$

47,477


$

(17)


$

217,230


$

23,874


Adjusted operating margin


11.9

%


%


11.0

%

 

THREE MONTHS ENDED JUNE 30, 2016 (UNAUDITED)



(in thousands, except percents)

Sales

Gross
profit

Operating
expense

Operating
income

Effective
tax rate

Net (loss)
income (3)

Diluted
(LPS) EPS

Reported results

$

521,224


$

166,684


$

121,148


$

25,064


418.4

%

$

(66,515)


$

(0.83)


Reported margins


32.0

%

23.2

%

4.8

%




Restructuring and related charges (4)


2,566


(3,041)


15,539


(2.1)


8,244


0.10


Tax impact of prior impairment charges





(5.0)


(4,411)


(0.06)


Fixed asset disposal charges




5,380


(0.3)


3,657


0.05


Loss on divestiture




712


(3.6)


12,977


0.16


U.S. deferred tax valuation allowance





(391.4)


81,206


1.02


Adjusted results

$

521,224


$

169,250


$

118,107


$

46,695


16.0

%

$

35,158


$

0.44


Adjusted margins


32.5

%

22.7

%

9.0

%















(3)  Represents amounts attributable to Kennametal Shareholders.








(4)  Includes pre-tax restructuring and related charges recorded in corporate of $117.







 


Industrial

Widia

Infrastructure

(in thousands, except percents)

Sales

Operating
income

Sales

Operating (loss)
income

Sales

Operating (loss)
income

Reported results

$

285,547


$

30,469


$

43,027


$

(1,028)


$

192,650


$

(3,888)


Reported operating margin


10.7

%


(2.4)

%


(2.0)

%

Restructuring and related charges (5)


6,697



1,031



7,694


Fixed asset disposal charges


2,635



746



1,999


Operations of divested businesses


29





683


Adjusted results

$

285,547


$

39,830


$

43,027


$

749


$

192,650


$

6,488


Adjusted operating Margin


13.9

%


1.7

%


3.4

%











(5)  Excludes pre-tax restructuring related charges recorded in corporate of $117.






 

TWELVE MONTHS ENDED JUNE 30, 2017 - (UNAUDITED)



(in thousands, except percents)

Sales

Operating
income

Net income (3)

Diluted EPS

Reported Results

$

2,058,368


$

112,944


$

49,138


$

0.61


Reported Operating Margin


5.5

%



Restructuring and related charges


76,229


72,656


0.89


Australia deferred tax valuation allowance



1,288


0.02


Adjusted Results

$

2,058,368


$

189,173


$

123,082


$

1.52


Adjusted Operating Margin


9.2

%









(3)  Represents amounts attributable to Kennametal Shareholders.




 

TWELVE MONTHS ENDED JUNE 30, 2016 - (UNAUDITED)



(in thousands, except percents)

Sales

Operating (loss)
income

Net (loss)
income (3)

Diluted
(LPS) EPS

Reported results

$

2,098,436


$

(174,943)


$

(225,968)


$

(2.83)


Reported operating margin


(8.3)

%



Restructuring and related charges


53,508


40,220


0.50


Goodwill and other intangible asset impairment charges


108,456


77,076


0.96


Loss on divestiture and related charges


131,463


111,426


1.39


Fixed asset disposal charges


5,381


3,657


0.05


Operations of divested businesses

(82,512)


1,912


1,358


0.02


U.S. deferred tax valuation allowance



81,206


1.02


Adjusted results

$

2,015,924


$

125,777


$

88,975


$

1.11


Adjusted operating margin


6.2

%









(3)  Represents amounts attributable to Kennametal Shareholders.





 

FREE OPERATING CASH FLOW (UNAUDITED)

Three Months Ended

Twelve Months Ended


June 30,

June 30,

(in thousands)

2017


2016

2017


2016

Net cash flow from operating activities

$

112,181



$

73,908


$

192,202



$

219,322


Purchases of property, plant and equipment

(23,923)



(27,412)


(118,018)



(110,697)


Proceeds from disposals of property, plant and equipment

1,171



876


5,023



5,978


Free operating cash flow

$

89,429



$

47,372


$

79,207



$

114,603


 

EBITDA (UNAUDITED)

Three Months Ended

Twelve Months Ended


June 30,

June 30,

(in thousands)

2017


2016

2017


2016

Net income (loss) attributable to Kennametal

$

24,643



$

(66,515)


$

49,138



$

(225,968)


Add back:







  Interest expense

7,367



6,857


28,842



27,752


  Interest income

(246)



(568)


(1,005)



(1,680)


  Provision for income taxes

7,494



86,812


29,895



25,313


  Depreciation

22,709



23,407


91,078



96,704


  Amortization of intangibles

3,912



4,448


16,578



20,762


EBITDA

$

65,879



$

54,441


$

214,526



$

(57,117)


Margin

11.7

%


10.4

%

10.4

%


(2.7)

%








Adjustments:







Restructuring and related charges

23,165



15,539


76,229



53,508


Fixed asset disposal charges



5,380




5,381


Loss on divestiture and related charges



712




131,463


Goodwill and other intangible asset impairment charges






108,456


Operations of divested businesses






1,912


Adjusted EBITDA

$

89,044



$

76,072


$

290,755



$

243,603


Adjusted margin

15.8

%


14.6

%

14.1

%


12.1

%

 

View original content:http://www.prnewswire.com/news-releases/kennametal-announces-fourth-quarter-and-fiscal-2017-results-provides-fiscal-2018-outlook-300498709.html

SOURCE Kennametal Inc.

Investor Relations - Kelly Boyer, PHONE: 412-248-8287, or Corporate Relations - Media - Christina Sutter, PHONE: 724-539-5708