PITTSBURGH, May 3, 2021
/PRNewswire/ -- Kennametal Inc. (NYSE: KMT) (the "Company")
today reported results for its fiscal 2021 third quarter ended
March 31, 2021, with earnings per diluted share (EPS) of
$0.26, compared with $0.03 in the prior year quarter, and adjusted EPS
of $0.32, compared with $0.46 in the prior year quarter.
"I am encouraged by our results, which reflect solid execution
of our initiatives as well as improving sales and free operating
cash flow. Sales increased 10 percent sequentially, exceeding
expectations, with improvement across all end-markets and regions
and a return to growth on a year-over-year basis in Transportation,
General Engineering and Asia
Pacific. Although near-term uncertainties remain due to
customer supply chain constraints and the effects of ongoing
COVID-19 restrictions, we are optimistic that the worst of this
crisis is behind us, and the momentum of the recovery will
continue," said Christopher Rossi,
President and CEO.
Rossi added: "Adjusted operating margins increased 330 basis
points sequentially due to stronger sales and improved
manufacturing productivity. This margin improvement was achieved
despite the continued lifting of temporary cost control actions. We
expect further margin improvement in the fourth quarter through
disciplined execution of our commercial excellence and
simplification/modernization initiatives along with improving
market conditions. We remain confident in our ability to deliver
strong operating leverage and free operating cash flow as markets
continue to recover and throughout the cycle."
Simplification/Modernization Update
The Company has achieved annualized savings since inception to
date from simplification/modernization of $164 million and is on track to achieve the
$180 million savings target set at
Investor Day in December 2017. Total
incremental benefits in the quarter were approximately $18 million, which includes incremental
restructuring savings of approximately $13
million as noted in the table below.
RESTRUCTURING AND
RELATED CHARGES AND SAVINGS (PRE-TAX)
|
($ in
millions)
|
|
|
Charges
|
Approximate
Savings
|
Programs
|
Total
Estimated
|
Current
Quarter
|
Inception to
Date
|
Total
Estimated
|
YoY Incremental
Current Quarter
|
Annualized
Inception to Date
|
FY21
Actions
|
$90 - $95
|
$2
|
$77
|
$75
|
$13
|
$58
|
Fiscal 2021 Third Quarter Key Developments
Sales of $485 million increased 10
percent sequentially from the second quarter. Compared to the prior
year's third quarter, sales were relatively flat from $483 million, reflecting a favorable currency
exchange effect of 2 percent, offset by organic sales decline and
unfavorable business day effects of 1 percent, respectively.
Operating income was $40 million,
or 8.2 percent of sales, compared to $38
million, or 7.8 percent of sales, in the prior year quarter.
The increase in operating income was due primarily to approximately
$18 million of incremental
simplification/modernization benefits, no goodwill and other
intangible asset impairment charges in the current year quarter and
$2 million of restructuring and
related charges compared to $6
million in the prior year quarter, largely offset by an
increase in variable compensation, unfavorable geographic and
product mix, and unfavorable labor and fixed cost absorption due to
lower volumes. Adjusted operating income was $42 million, or 8.6 percent margin, compared to
$59 million, or 12.2 percent margin,
in the prior year quarter.
The reported effective tax rate (ETR) for the quarter was 8.0
percent (benefit on income) and the adjusted ETR was 20.6 percent
(provision on income), compared to reported ETR of 93.1 percent and
adjusted ETR of 28.5 percent in the prior year quarter, both
provisions on income. The year-over-year change in the reported ETR
is due primarily to changes in projected pretax income in both
periods, discrete tax benefits recorded in the current year quarter
related to the early debt extinguishment and a provision to return
adjustment, as well as certain events that did not repeat in the
current year such as goodwill and other intangible asset
impairments. The decrease in the adjusted ETR is due primarily to a
discrete tax benefit related to a provision to return adjustment
and lower U.S. taxes associated with the base erosion anti-abuse
tax (BEAT) and global intangible low-taxed income (GILTI) tax.
Reported EPS in the current quarter includes restructuring and
related charges of $0.02, the effects
of the early debt extinguishment of $0.08 and differences in annual projected tax
rates of $0.08, partially offset by a
discrete tax benefit of $0.12.
Reported EPS in the prior year quarter includes restructuring and
related charges of $0.06, goodwill
and other intangible asset impairment charges of $0.17 and differences in annual projected tax
rates of $0.20.
During the third quarter, the Company issued $300 million of 2.80 percent Senior Unsecured
Notes with a maturity date of March 1,
2031 and subsequently used the net proceeds from the
issuance, plus cash on hand, for the early extinguishment of the
$300 million of 3.875 percent Senior
Unsecured Notes due February 2022.
Year-to-date net cash flow provided by operating activities was
$139 million compared to $146 million in the prior year period. The change
in net cash flow provided by operating activities was driven
primarily by working capital adjustments. Year-to-date free
operating cash flow (FOCF) was $46
million compared to negative $57
million in the prior year period. The improvement in FOCF
was driven primarily by lower capital expenditures of $112 million, partially offset by working capital
adjustments.
Outlook and Fourth Quarter Assumptions
While the economic recovery is certainly underway, overall
global market conditions remain somewhat unpredictable due to
customer supply chain challenges, notably the semiconductor
shortage issue in Transportation, and uncertainty from COVID-19
related restrictions, primarily in EMEA and parts of Asia Pacific.
From an outlook perspective for the fourth quarter, the
Company's expectations are as follows:
- Sales are expected to be up mid-single digits sequentially
- Adjusted operating margin is expected to modestly improve
sequentially
- Capital spending is expected to be approximately $120 million for FY21
The Company will provide more details regarding its fourth
quarter assumptions on its conference call.
Segment Results
Metal Cutting sales of $308
million increased 9 percent sequentially from the second
quarter outpacing the typical seasonal trend. Compared to the prior
year's third quarter, sales increased 2 percent from $303 million year-over-year, driven by a
favorable currency exchange effect of 3 percent, partially offset
by an unfavorable business day effect of 1 percent. Operating
income was $23 million, or 7.4
percent of sales, compared to $17
million, or 5.5 percent of sales, in the prior year quarter.
The increase in operating income was due primarily to approximately
$11 million of incremental
simplification/modernization benefits, no goodwill and other
intangible asset impairment charges in the current year quarter and
$2 million of restructuring and
related charges compared to $4
million in the prior year quarter, partially offset by an
increase in variable compensation, unfavorable product mix and
unfavorable labor and fixed cost absorption due to lower volumes.
Adjusted operating income was $25
million, or 8.2 percent margin, compared to $36 million, or 12.0 percent margin, in the prior
year quarter.
Infrastructure sales of $177
million increased 12 percent sequentially from the second
quarter, but decreased 2 percent from $180
million year-over-year, driven by an organic sales decline
of 3 percent and an unfavorable business day effect of 1 percent,
partially offset by a favorable currency exchange effect of 2
percent. Operating income was $18
million, or 10.4 percent of sales, compared to
$22 million, or 12.2 percent of sales, in the prior year
quarter. The decrease in operating income was primarily driven by
an increase in variable compensation, organic sales decline and
unfavorable labor and fixed cost absorption due to lower volumes,
partially offset by approximately $4
million of incremental simplification/modernization
benefits. Adjusted operating income was $18
million, or 10.1 percent margin, compared to $23 million, or 13.0 percent margin, in the prior
year quarter.
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 May 25,
2021 to shareholders of record as of the close of business
on May 11, 2021.
The Company will host a conference call to discuss its third
quarter fiscal 2021 results on Tuesday, May
4, 2021 at 8:00 a.m. Eastern
Time. The conference call will be broadcast via real-time
audio on the Kennametal website at www.kennametal.com. Once on the
homepage, select "About Us", "Investor Relations" and then
"Events."
This earnings release contains non-GAAP financial measures.
Reconciliations and descriptions of all non-GAAP financial measures
are set forth in the tables that follow.
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, capital expenditures and
effective tax rate for fiscal year 2021 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: the duration of the COVID-19 pandemic and its impacts on
our business operations, financial results and financial position
and on the industries in which we operate and the global economy
generally; other downturns in the business cycle or the economy;
our ability to achieve all anticipated benefits of restructuring,
simplification and modernization initiatives; risks related to 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; labor relations;
and implementation of environmental remediation matters. Many of
these risks and other risks are more fully described in our latest
annual report on Form 10-K and our 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
With over 80 years as an industrial technology leader,
Kennametal Inc. delivers 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 9,000 employees
are helping customers in more than 60 countries stay competitive.
Kennametal generated nearly $1.9
billion in revenues in fiscal 2020. Learn more at
www.kennametal.com. Follow @Kennametal: Twitter, Instagram,
Facebook, LinkedIn and YouTube.
FINANCIAL
HIGHLIGHTS
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
|
|
Three Months Ended
March 31,
|
Nine Months Ended
March 31,
|
(in thousands,
except per share amounts)
|
2021
|
|
2020
|
2021
|
|
2020
|
Sales
|
$
|
484,658
|
|
|
$
|
483,084
|
|
$
|
1,325,470
|
|
|
$
|
1,506,252
|
|
Cost of goods
sold
|
334,483
|
|
|
326,066
|
|
948,693
|
|
|
1,078,236
|
|
Gross
profit
|
150,175
|
|
|
157,018
|
|
376,777
|
|
|
428,016
|
|
Operating
expense
|
108,113
|
|
|
98,534
|
|
299,211
|
|
|
320,273
|
|
Restructuring and
asset impairment charges
|
(822)
|
|
|
17,187
|
|
26,145
|
|
|
84,182
|
|
Loss on
divestiture
|
—
|
|
|
—
|
|
—
|
|
|
6,517
|
|
Amortization of
intangibles
|
3,362
|
|
|
3,404
|
|
10,043
|
|
|
10,413
|
|
Operating
income
|
39,522
|
|
|
37,893
|
|
41,378
|
|
|
6,631
|
|
Interest
expense
|
20,928
|
|
|
7,897
|
|
39,823
|
|
|
23,834
|
|
Other income,
net
|
(2,692)
|
|
|
(2,438)
|
|
(10,568)
|
|
|
(9,330)
|
|
Income (loss) before
income taxes
|
21,286
|
|
|
32,434
|
|
12,123
|
|
|
(7,873)
|
|
Provision (benefit)
for income taxes
|
(1,699)
|
|
|
30,193
|
|
(10,252)
|
|
|
(11,295)
|
|
Net income
|
22,985
|
|
|
2,241
|
|
22,375
|
|
|
3,422
|
|
Less: Net income
(loss) attributable to noncontrolling interests
|
1,364
|
|
|
(676)
|
|
3,042
|
|
|
(23)
|
|
Net income
attributable to Kennametal
|
$
|
21,621
|
|
|
$
|
2,917
|
|
$
|
19,333
|
|
|
$
|
3,445
|
|
PER SHARE DATA
ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS
|
|
Basic earnings per
share
|
$
|
0.26
|
|
|
$
|
0.04
|
|
$
|
0.23
|
|
|
$
|
0.04
|
|
Diluted earnings per
share
|
$
|
0.26
|
|
|
$
|
0.03
|
|
$
|
0.23
|
|
|
$
|
0.04
|
|
Basic weighted
average shares outstanding
|
83,719
|
|
|
83,106
|
|
83,539
|
|
|
83,022
|
|
Diluted weighted
average shares outstanding
|
84,588
|
|
|
83,696
|
|
84,184
|
|
|
83,589
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
|
(in
thousands)
|
March 31,
2021
|
|
June 30,
2020
|
ASSETS
|
|
|
|
Cash and cash
equivalents
|
$
|
114,307
|
|
|
$
|
606,684
|
|
Accounts receivable,
net
|
303,210
|
|
|
237,983
|
|
Inventories
|
476,164
|
|
|
522,447
|
|
Other current
assets
|
73,235
|
|
|
73,698
|
|
Total current
assets
|
966,916
|
|
|
1,440,812
|
|
Property, plant and
equipment, net
|
1,053,989
|
|
|
1,038,271
|
|
Goodwill and other
intangible assets, net
|
399,735
|
|
|
403,148
|
|
Other
assets
|
194,340
|
|
|
155,360
|
|
Total
assets
|
$
|
2,614,980
|
|
|
$
|
3,037,591
|
|
LIABILITIES
|
|
|
|
Revolving and other
lines of credit and notes payable
|
$
|
18,745
|
|
|
$
|
500,368
|
|
Accounts
payable
|
164,481
|
|
|
164,641
|
|
Other current
liabilities
|
242,327
|
|
|
233,071
|
|
Total current
liabilities
|
425,553
|
|
|
898,080
|
|
Long-term
debt
|
591,672
|
|
|
594,083
|
|
Other
liabilities
|
280,174
|
|
|
276,640
|
|
Total
liabilities
|
1,297,399
|
|
|
1,768,803
|
|
KENNAMETAL
SHAREHOLDERS' EQUITY
|
1,276,412
|
|
|
1,229,885
|
|
NONCONTROLLING
INTERESTS
|
41,169
|
|
|
38,903
|
|
Total liabilities
and equity
|
$
|
2,614,980
|
|
|
$
|
3,037,591
|
|
SEGMENT DATA
(UNAUDITED)
|
Three Months Ended
March 31,
|
Nine Months Ended
March 31,
|
(in
thousands)
|
2021
|
|
2020
|
2021
|
|
2020
|
Outside
Sales:
|
|
|
|
|
|
|
Metal
Cutting
|
$
|
308,144
|
|
|
$
|
303,459
|
|
838,937
|
|
|
951,123
|
|
Infrastructure
|
176,514
|
|
|
179,625
|
|
486,533
|
|
|
555,129
|
|
Total sales
|
$
|
484,658
|
|
|
$
|
483,084
|
|
$
|
1,325,470
|
|
|
$
|
1,506,252
|
|
Sales By
Geographic Region:
|
|
|
|
|
|
|
Americas
|
$
|
217,236
|
|
|
$
|
242,404
|
|
591,128
|
|
|
746,936
|
|
EMEA
|
152,557
|
|
|
146,847
|
|
412,538
|
|
|
450,760
|
|
Asia
Pacific
|
114,865
|
|
|
93,833
|
|
321,804
|
|
|
308,556
|
|
Total sales
|
$
|
484,658
|
|
|
$
|
483,084
|
|
$
|
1,325,470
|
|
|
$
|
1,506,252
|
|
Operating
income:
|
|
|
|
|
|
|
Metal
Cutting
|
$
|
22,674
|
|
|
$
|
16,619
|
|
12,741
|
|
|
749
|
|
Infrastructure
|
18,282
|
|
|
21,941
|
|
31,815
|
|
|
7,679
|
|
Corporate (1)
|
(1,434)
|
|
|
(667)
|
|
(3,178)
|
|
|
(1,797)
|
|
Total operating
income
|
$
|
39,522
|
|
|
$
|
37,893
|
|
$
|
41,378
|
|
|
$
|
6,631
|
|
|
(1) Represents unallocated
corporate expenses.
|
NON-GAAP RECONCILIATIONS (UNAUDITED)
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: operating income and margin; ETR; net income
attributable to Kennametal; diluted EPS; Metal Cutting operating
income and margin; Infrastructure operating income and margin;
FOCF; and consolidated and segment organic sales growth (decline)
(all of which are non-GAAP financial measures), to the most
directly comparable GAAP financial measures. Adjustments for the
three months ended March 31, 2021 include restructuring and
related charges, effects of early debt extinguishment, discrete tax
benefits and differences in projected annual tax rates. Adjustments
for the three months ended March 31, 2020 include
restructuring and related charges, goodwill and other intangible
asset impairment charges and differences in projected annual tax
rates. 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 presentation of these non-GAAP
financial measures provides useful information about the results of
operations of the Company for the current and past periods.
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 financial measures should not be considered
in isolation or as a substitute for the most comparable GAAP
financial measures. Investors are cautioned that non-GAAP financial
measures used by management may not be comparable to non-GAAP
financial measures used by other companies. Reconciliations and
descriptions of all non-GAAP financial measures are set forth in
the disclosures below.
THREE MONTHS ENDED
MARCH 31, 2021 (UNAUDITED)
|
|
(in thousands,
except percents and per share data)
|
Sales
|
Operating
income
|
ETR
|
Net
income(2)
|
Diluted
EPS
|
Reported
results
|
$
|
484,658
|
|
$
|
39,522
|
|
(8.0)
|
%
|
$
|
21,621
|
|
$
|
0.26
|
|
Reported operating
margin
|
|
8.2
|
%
|
|
|
|
Restructuring and
related charges
|
—
|
|
2,082
|
|
28.6
|
|
1,478
|
|
0.02
|
|
Effects of early debt
extinguishment
|
—
|
|
—
|
|
48.6
|
|
6,438
|
|
0.08
|
|
Discrete tax
benefit
|
—
|
|
—
|
|
(43.5)
|
|
(9,268)
|
|
(0.12)
|
|
Differences in
projected annual tax rates
|
—
|
|
—
|
|
(5.1)
|
|
6,869
|
|
0.08
|
|
Adjusted
results
|
$
|
484,658
|
|
$
|
41,604
|
|
20.6
|
%
|
$
|
27,138
|
|
$
|
0.32
|
|
Adjusted operating
margin
|
|
8.6
|
%
|
|
|
|
|
(2)
Attributable to Kennametal.
|
|
THREE MONTHS ENDED
MARCH 31, 2021 (UNAUDITED)
|
|
|
Metal
Cutting
|
Infrastructure
|
(in thousands,
except percents)
|
Sales
|
Operating
income
|
Sales
|
Operating
income
|
Reported
results
|
$
|
308,144
|
|
$
|
22,674
|
|
$
|
176,514
|
|
$
|
18,282
|
|
Reported operating
margin
|
|
7.4
|
%
|
|
10.4
|
%
|
Restructuring and
related charges
|
—
|
|
2,522
|
|
—
|
|
(441)
|
|
Adjusted
results
|
$
|
308,144
|
|
$
|
25,196
|
|
$
|
176,514
|
|
$
|
17,841
|
|
Adjusted operating
margin
|
|
8.2
|
%
|
|
10.1
|
%
|
THREE MONTHS ENDED
MARCH 31, 2020 (UNAUDITED)
|
|
(in thousands,
except percents and per share data)
|
Sales
|
Operating
income
|
ETR
|
Net
income(2)
|
Diluted
EPS
|
Reported
results
|
$
|
483,084
|
|
$
|
37,893
|
|
93.1
|
%
|
$
|
2,917
|
|
$
|
0.03
|
|
Reported operating
margin
|
|
7.8
|
%
|
|
|
|
Restructuring and
related charges
|
—
|
|
5,573
|
|
12.8
|
|
4,858
|
|
0.06
|
|
Goodwill and other
intangible asset impairment charges
|
—
|
|
15,599
|
|
3.1
|
|
14,261
|
|
0.17
|
|
Differences in
projected annual tax rates
|
—
|
|
—
|
|
(80.5)
|
|
16,106
|
|
0.20
|
|
Adjusted
results
|
$
|
483,084
|
|
$
|
59,065
|
|
28.5
|
%
|
$
|
38,142
|
|
$
|
0.46
|
|
Adjusted operating
margin
|
|
12.2
|
%
|
|
|
|
|
(2)
Attributable to Kennametal.
|
|
THREE MONTHS ENDED
MARCH 31, 2020 (UNAUDITED)
|
|
Metal
Cutting
|
Infrastructure
|
(in thousands,
except percents)
|
Sales
|
Operating
income
|
Sales
|
Operating
income
|
Reported
results
|
$
|
303,459
|
|
$
|
16,619
|
|
$
|
179,625
|
|
$
|
21,941
|
|
Reported operating
margin
|
|
5.5
|
%
|
|
12.2
|
%
|
Restructuring and
related charges
|
—
|
|
4,149
|
|
—
|
|
1,423
|
|
Goodwill and other
intangible asset impairment charges
|
—
|
|
15,599
|
|
—
|
|
—
|
|
Adjusted
results
|
$
|
303,459
|
|
$
|
36,367
|
|
$
|
179,625
|
|
$
|
23,364
|
|
Adjusted operating
margin
|
|
12.0
|
%
|
|
13.0
|
%
|
Free Operating Cash Flow (FOCF)
FOCF is a non-GAAP financial measure and is defined by the
Company as net cash flow provided by operating activities (which is
the most directly comparable GAAP financial measure) less capital
expenditures plus proceeds from disposals of fixed assets.
Management considers FOCF to be an important indicator of the
Company's cash generating capability because it better represents
cash generated from operations that can be used for dividends, debt
repayment, strategic initiatives (such as acquisitions) and other
investing and financing activities.
FREE OPERATING
CASH FLOW (UNAUDITED)
|
|
Nine Months Ended
March 31,
|
(in
thousands)
|
|
2021
|
|
2020
|
Net cash flow
provided by operating activities
|
|
$
|
139,197
|
|
|
$
|
146,059
|
|
Purchases of
property, plant and equipment
|
|
(94,066)
|
|
|
(206,061)
|
|
Disposals of
property, plant and equipment
|
|
1,216
|
|
|
2,780
|
|
Free operating cash
flow
|
|
$
|
46,347
|
|
|
$
|
(57,222)
|
|
Organic Sales Growth
Organic sales growth (decline) is a non-GAAP financial measure
of sales growth (decline) (which is the most directly comparable
GAAP measure) excluding the effects of acquisitions, divestitures,
business days and foreign currency exchange from year-over-year
comparisons. Management believes this measure provides investors
with a supplemental understanding of underlying sales trends by
providing sales growth (decline) on a consistent basis. Management
reports organic sales growth (decline) at the consolidated and
segment levels.
ORGANIC SALES
GROWTH (DECLINE) (UNAUDITED)
|
|
|
|
Three Months Ended
March 31, 2021
|
|
Metal
Cutting
|
|
Infrastructure
|
|
Total
|
Organic sales growth
(decline)
|
|
—%
|
|
(3)%
|
|
(1)%
|
Foreign currency
exchange effect (3)
|
|
3
|
|
2
|
|
2
|
Business days effect
(4)
|
|
(1)
|
|
(1)
|
|
(1)
|
Sales growth
(decline)
|
|
2%
|
|
(2)%
|
|
—%
|
|
(3) Foreign currency exchange effect
is calculated by dividing the difference between current period
sales and current period sales at prior period foreign exchange
rates by prior period sales.
|
(4) Business days effect is
calculated by dividing the year-over-year change in weighted
average working days (based on mix of sales by country) by prior
period weighted average working days.
|
View original
content:http://www.prnewswire.com/news-releases/kennametal-announces-fiscal-2021-third-quarter-results-301282457.html
SOURCE Kennametal Inc.