Kennametal provides preliminary fiscal 2020 q1 results and revises full year outlook

Kennametal provides preliminary fiscal 2020 first quarter results and revises full year outlook.q1 sales $518 million versus refinitiv ibes estimate of $545.7 million.temporary but expected cost factors also negatively affected profitability compared to q1 of fiscal 2019.sees q1 2020 adjusted earnings per share about $0.17.kennametal - preliminary results for q1 reflect slowing of market conditions primarily in general engineering, energy & transportation end markets.sees q1 2020 earnings per share about $0.08.sees 2020 organic sales fall of 9% - 5%.kennametal says q1 results are well below expectations as market conditions deteriorated more significantly than co anticipated across all regions.costs expected in q1 primarily included higher raw material costs which are expected to abate in second half of fiscal 2020.sees 2020 adjusted eps $1.70 - $2.10.q1 results are well below our expectations as market conditions deteriorated more significantly than we anticipated.expected delay in global recovery of transportation and energy end markets.sees 2020 capital spending of $240 million - $260 million.challenging macro environment necessitates a focused response on things we can control.continue to expect positive free operating cash flow.sees 2020 free operating cash flow of $20 million - $50 million.kennametal - co expects to adjust production levels based on lower demand and controlling costs.fy2020 earnings per share view $2.81 -- refinitiv ibes data.
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