Kennametal Reports Fiscal 2024 and Fourth Quarter Results
Kennametal Inc. (NYSE: KMT) reported Q4 FY2024 earnings per share (EPS) of $0.47, up from $0.45 in the prior year quarter. For the full fiscal year 2024, the company reported EPS of $1.37, compared to $1.46 in FY2023. Adjusted EPS for FY2024 was $1.50. Despite market softness and challenges, Kennametal achieved:
- Strong cash flow from operations of $277 million, the highest as a percent of sales in over 25 years
- Returned $129 million to shareholders through share repurchases ($65.4M) and dividends ($63.4M)
- Completed initial $200 million share repurchase program
- Q4 sales of $543 million, down 1% year-over-year
- FY2024 sales of $2,047 million, down 2% from prior year
The company provided outlook for Q1 FY2025 with expected sales of $480-$500 million and adjusted EPS of $0.20-$0.30. For full FY2025, Kennametal expects sales of $2.0-$2.1 billion and adjusted EPS of $1.30-$1.70.
Kennametal Inc. (NYSE: KMT) ha riportato nel Q4 FY2024 un utile per azione (EPS) di $0,47, in aumento rispetto a $0,45 dello stesso trimestre dell'anno precedente. Per l'intero anno fiscale 2024, l'azienda ha registrato un EPS di $1,37, rispetto a $1,46 dell'FY2023. L'EPS rettificato per l'FY2024 è stato di $1,50. Nonostante la debolezza del mercato e le sfide, Kennametal ha ottenuto:
- Un forte flusso di cassa dalle operazioni di $277 milioni, il più alto in percentuale rispetto alle vendite negli ultimi 25 anni
- Ha restituito $129 milioni agli azionisti attraverso riacquisti di azioni ($65,4M) e dividendi ($63,4M)
- Ha completato un programma iniziale di riacquisto di azioni da $200 milioni
- Vendite del Q4 di $543 milioni, in calo dell'1% rispetto all'anno precedente
- Vendite dell'FY2024 di $2.047 milioni, in calo del 2% rispetto all'anno precedente
L'azienda ha fornito una previsione per il Q1 FY2025 con vendite previste di $480-$500 milioni e un EPS rettificato di $0,20-$0,30. Per l'intero FY2025, Kennametal prevede vendite di $2,0-$2,1 miliardi e un EPS rettificato di $1,30-$1,70.
Kennametal Inc. (NYSE: KMT) reportó en el Q4 FY2024 ganancias por acción (EPS) de $0.47, un aumento de $0.45 en el mismo trimestre del año anterior. Para el año fiscal completo 2024, la empresa reportó EPS de $1.37, en comparación con $1.46 en el FY2023. El EPS ajustado para el FY2024 fue de $1.50. A pesar de la debilidad del mercado y los desafíos, Kennametal logró:
- Un fuerte flujo de efectivo de operaciones de $277 millones, el más alto como porcentaje de ventas en más de 25 años
- Devolver $129 millones a los accionistas a través de recompras de acciones ($65.4M) y dividendos ($63.4M)
- Completar un programa inicial de recompra de acciones de $200 millones
- Ventas del Q4 de $543 millones, una caída del 1% año tras año
- Ventas del FY2024 de $2,047 millones, una disminución del 2% respecto al año anterior
La empresa proporcionó una perspectiva para el Q1 FY2025 con ventas esperadas de $480-$500 millones y un EPS ajustado de $0.20-$0.30. Para el FY2025 completo, Kennametal espera ventas de $2.0-$2.1 mil millones y un EPS ajustado de $1.30-$1.70.
Kennametal Inc. (NYSE: KMT)는 Q4 FY2024 주당순이익(EPS) $0.47을 보고했으며, 이는 지난해 동일 분기의 $0.45에서 증가한 수치입니다. 2024 회계연도 전반에 걸쳐 회사는 EPS $1.37을 기록했으며, FY2023의 $1.46와 비교됩니다. FY2024의 조정 EPS는 $1.50였습니다. 시장의 부진과 도전에도 불구하고 Kennametal은 다음과 같은 성과를 달성했습니다:
- $277 백만의 강력한 운영 현금 흐름, 25년 이상 동안 매출 대비 비율로 가장 높은 수치
- 주식 재매입($65.4M)과 배당금($63.4M)을 통해 $129 백만을 주주에게 반환
- 초기 $200 백만 주식 재매입 프로그램을 완료
- Q4 매출이 $543 백만으로 전년 대비 1% 감소
- FY2024 매출이 $2,047 백만으로 전년 대비 2% 감소
회사는 Q1 FY2025 전망을 제시하며 예상 매출이 $480-$500 백만, 조정 EPS가 $0.20-$0.30으로 예상됩니다. FY2025 전체에 대해 Kennametal은 매출이 $2.0-$2.1 억 달러, 조정 EPS가 $1.30-$1.70이 될 것으로 기대하고 있습니다.
Kennametal Inc. (NYSE: KMT) a rapporté pour le Q4 FY2024 un bénéfice par action (EPS) de $0,47, en hausse par rapport à $0,45 du trimestre de l'année précédente. Pour l'ensemble de l'exercice fiscal 2024, l'entreprise a déclaré un EPS de $1,37, contre $1,46 en FY2023. L'EPS ajusté pour l'FY2024 était de $1,50. Malgré la faiblesse du marché et les défis, Kennametal a réalisé :
- Un flux de trésorerie d'exploitation solide de $277 millions, le plus élevé en pourcentage des ventes depuis plus de 25 ans
- A retourné $129 millions aux actionnaires via des rachats d'actions ($65,4M) et des dividendes ($63,4M)
- A complété un programme initial de rachat d'actions de $200 millions
- Ventes du Q4 de $543 millions, en baisse de 1% par rapport à l'année précédente
- Ventes FY2024 de $2.047 millions, en baisse de 2% par rapport à l'année précédente
L'entreprise a fourni des perspectives pour le Q1 FY2025 avec des ventes attendues de $480-$500 millions et un EPS ajusté de $0,20-$0,30. Pour l'ensemble de l'exercice FY2025, Kennametal attend des ventes de $2,0-$2,1 milliards et un EPS ajusté de $1,30-$1,70.
Kennametal Inc. (NYSE: KMT) hat im Q4 FY2024 Earnings per Share (EPS) von $0,47 gemeldet, ein Anstieg von $0,45 im Vergleich zum entsprechenden Vorjahresquartal. Für das gesamte Geschäftsjahr 2024 berichtete das Unternehmen von einem EPS von $1,37, verglichen mit $1,46 im FY2023. Das bereinigte EPS für FY2024 betrug $1,50. Trotz der Marktschwäche und Herausforderungen erreichte Kennametal:
- Starker Cashflow aus dem operativen Geschäft von $277 Millionen, der höchste Anteil an den Verkäufen seit über 25 Jahren
- $129 Millionen an die Aktionäre zurückgegeben durch Aktienrückkäufe ($65,4M) und Dividenden ($63,4M)
- Ein initiales Aktienrückkaufprogramm über $200 Millionen abgeschlossen
- Q4-Umsatz von $543 Millionen, ein Rückgang von 1% im Jahresvergleich
- FY2024-Umsatz von $2.047 Millionen, ein Rückgang von 2% gegenüber dem Vorjahr
Das Unternehmen gab eine Prognose für Q1 FY2025 mit erwarteten Umsätzen von $480-$500 Millionen und einem bereinigten EPS von $0,20-$0,30 heraus. Für das gesamte FY2025 erwartet Kennametal Umsätze von $2,0-$2,1 Milliarden und ein bereinigtes EPS von $1,30-$1,70.
- Q4 EPS increased to $0.47 from $0.45 year-over-year
- Strong cash flow from operations of $277 million, highest as percent of sales in over 25 years
- Returned $129 million to shareholders through share repurchases and dividends
- Completed initial $200 million share repurchase program
- Q4 operating income margin improved to 11.3% from 10.2% in prior year quarter
- Achieved restructuring savings of approximately $7 million in Q4
- Full year FY2024 EPS decreased to $1.37 from $1.46 in prior year
- Q4 sales decreased 1% year-over-year to $543 million
- FY2024 sales decreased 2% year-over-year to $2,047 million
- FY2024 operating income decreased to $170 million from $192 million in prior year
- FY2024 operating margin declined to 8.3% from 9.3% in prior year
- Q4 effective tax rate increased to 30.7% from 19.9% in prior year quarter
Insights
Kennametal's Q4 and FY2024 results show mixed performance. Q4 EPS improved slightly to
Positively, Kennametal generated strong cash flow, with
For FY2025, the outlook suggests caution with expected sales of
Kennametal's performance reflects broader industrial sector challenges. The
The company's focus on cash generation and shareholder returns is noteworthy. With
Looking ahead, the company's three Value Creation Pillars - Delivering Growth, Continuous Improvement and Portfolio Optimization - could be key differentiators. Investors should watch for execution on these strategies, particularly in driving above-market growth and margin expansion in a challenging environment.
Kennametal's results highlight both resilience and ongoing challenges in the manufacturing sector. The company's ability to meet revenue and EPS outlook despite headwinds is commendable. Their focus on operational efficiency is evident in the
The impact of external factors, such as the tornado affecting the Arkansas facility, underscores the importance of robust risk management and operational flexibility. Kennametal's quick response and ongoing insurance claim process demonstrate proactive management.
The emphasis on continuous improvement and portfolio optimization in their strategy is crucial. As the manufacturing landscape evolves, Kennametal's ability to adapt and innovate will be critical. Investors should monitor progress in high-return Commercial and Operational Excellence initiatives as indicators of future competitiveness.
- Q4 earnings per diluted share (EPS) of
$0.47 $0.45 - FY24 EPS of
$1.37 $1.50 - Strong YTD cash from operations of
$277 million $258 million
highest as a percent of sales in over 25 years - Returned
$129 million $65.4 million $63.4 million - Completed initial three-year
$200 million $200 million - Provides FY25 Q1 and annual Outlook
"Thanks to the hard work and diligence of our global team, we delivered a strong finish in fiscal year 2024 despite persistent market softness, foreign exchange headwinds and a natural disaster affecting our facility in
He continued, "I recently shared with our team the three Value Creation Pillars that will be guiding us in fiscal 2025 and beyond - Delivering Growth, Continuous Improvement and Portfolio Optimization. I'm confident that our work across these pillars will help us deliver above-market growth, expand margins, improve customer service and increase return on invested capital."
Fiscal 2024 Fourth Quarter Key Developments
Sales of
During the quarter, the Company achieved restructuring savings of approximately
Operating income was
The reported effective tax rate (ETR) was 30.7 percent and the adjusted ETR was 29.3 percent, compared to a reported ETR of 19.9 percent and an adjusted ETR of 19.7 percent in the prior year quarter. The increase in the ETR year-over-year was primarily driven by unfavorable geographical mix and prior year adjustments related to valuation allowances against deferred tax assets that did not repeat in the current year quarter.
Reported EPS in the current quarter includes restructuring and related charges of
During the quarter, the Company repurchased 857 thousand shares of Kennametal common stock for
The Company paid
Fiscal 2024 Key Developments
Sales of
Operating income was
The reported effective tax rate (ETR) was 21.3 percent and the adjusted ETR was 20.9 percent, compared to a reported ETR of 22.7 percent and an adjusted ETR of 22.5 percent in the prior year. The year-over-year change in the effective tax rate is primarily due to current year adjustments that include a
Reported EPS in the current year includes restructuring and related charges of
Net cash flow provided by operating activities in fiscal 2024 was
In fiscal 2024, Kennametal continued its focus on delivering shareholder value by returning
Outlook
The Company's expectations for the first quarter of fiscal 2025 and the full year are as follows:
Quarterly Outlook:
- Sales expected to be
$480 $500 million - Adjusted ETR is expected to be approximately 27.5 percent
- Adjusted EPS is expected to be
$0.20 $0.30
Annual Outlook:
- Sales expected to be
$2.0 $2.1 billion - Adjusted EPS is expected to be
$1.30 $1.70 - At the midpoint, improved operating performance offset by higher ETR and currency headwinds
- Pricing actions expected to cover raw material costs, wages and general inflation
- Interest expense is expected to be approximately
$27 million - Adjusted ETR is expected to be approximately 27.5 percent
- Free operating cash flow of greater than 125 percent of adjusted net income
- Primary working capital as a percent of sales at approximately 30 percent by fiscal year-end
- Capital spending expected to be approximately
$110 million
The Company will provide more details regarding its fiscal 2025 assumptions during its quarterly earnings conference call.
Fiscal 2024 Fourth Quarter Segment Results
Metal Cutting sales of
Infrastructure sales of
Dividend Declared
Kennametal also announced that its Board of Directors declared a quarterly cash dividend of
The Company will discuss its fiscal 2024 fourth quarter and full year results in a live webcast at 9:30 a.m. Eastern Time, Wednesday, August 7, 2024. The conference call will be broadcast via real-time audio on Kennametal's investor relations website at https://investors.kennametal.com/ - click "Event" (located in the blue Quarterly Earnings block).
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 sales, adjusted operating income, adjusted EPS, FOCF, primary working capital, capital expenditures and adjusted effective tax rate for the first quarter and full year of fiscal 2025 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: uncertainties related to changes in macroeconomic and/or global conditions, including as a result of increased inflation and
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 and defense, earthworks, energy, general engineering and transportation turn to Kennametal to help them manufacture with precision and efficiency. Every day approximately 8,400 employees are helping customers in more than 60 countries stay competitive. Kennametal generated
FINANCIAL HIGHLIGHTS
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||
Three Months Ended | Twelve Months Ended | ||||||
(in thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |||
Sales | |||||||
Cost of goods sold | 371,972 | 374,568 | 1,419,806 | 1,431,745 | |||
Gross profit | 171,336 | 175,666 | 627,093 | 646,439 | |||
Operating expense | 105,486 | 109,983 | 433,161 | 437,292 | |||
Restructuring and other charges, net | 1,568 | 6,605 | 12,152 | 4,106 | |||
Amortization of intangibles | 2,883 | 3,148 | 11,557 | 12,624 | |||
Operating income | 61,399 | 55,930 | 170,223 | 192,417 | |||
Interest expense | 6,247 | 7,097 | 26,472 | 28,496 | |||
Other (income) expense, net | (25) | 1,716 | (699) | 4,300 | |||
Income before income taxes | 55,177 | 47,117 | 144,450 | 159,621 | |||
Provision for income taxes | 16,944 | 9,377 | 30,809 | 36,255 | |||
Net income | 38,233 | 37,740 | 113,641 | 123,366 | |||
Less: Net income attributable to noncontrolling interests | 1,052 | 1,314 | 4,318 | 4,907 | |||
Net income attributable to Kennametal | |||||||
PER SHARE DATA ATTRIBUTABLE TO KENNAMETAL SHAREHOLDERS | |||||||
Basic earnings per share | $ 0.47 | $ 0.45 | $ 1.38 | $ 1.47 | |||
Diluted earnings per share | $ 0.47 | $ 0.45 | $ 1.37 | $ 1.46 | |||
Dividends per share | $ 0.20 | $ 0.20 | $ 0.80 | $ 0.80 | |||
Basic weighted average shares outstanding | 78,585 | 80,305 | 79,390 | 80,803 | |||
Diluted weighted average shares outstanding | 79,367 | 81,091 | 79,965 | 81,402 | |||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||
(in thousands) | June 30, 2024 | June 30, 2023 | |
ASSETS | |||
Cash and cash equivalents | $ 127,971 | $ 106,021 | |
Accounts receivable, net | 302,810 | 307,313 | |
Inventories | 514,632 | 557,630 | |
Other current assets | 57,179 | 55,825 | |
Total current assets | 1,002,592 | 1,026,789 | |
Property, plant and equipment, net | 938,063 | 969,068 | |
Goodwill and other intangible assets, net | 352,988 | 362,715 | |
Other assets | 210,115 | 188,662 | |
Total assets | $ 2,503,758 | $ 2,547,234 | |
LIABILITIES | |||
Revolving and other lines of credit and notes payable to banks | $ 1,377 | $ 689 | |
Accounts payable | 191,541 | 203,341 | |
Other current liabilities | 223,043 | 229,945 | |
Total current liabilities | 415,961 | 433,975 | |
Long-term debt | 595,980 | 595,172 | |
Other liabilities | 203,218 | 203,919 | |
Total liabilities | 1,215,159 | 1,233,066 | |
KENNAMETAL SHAREHOLDERS' EQUITY | 1,249,875 | 1,275,447 | |
NONCONTROLLING INTERESTS | 38,724 | 38,721 | |
Total liabilities and equity | $ 2,503,758 | $ 2,547,234 | |
SEGMENT DATA (UNAUDITED) | Three Months Ended | Twelve Months Ended | ||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | ||
Outside Sales: | ||||||
Metal Cutting | $ 334,544 | $ 336,852 | ||||
Infrastructure | 208,764 | 213,382 | 766,118 | 808,419 | ||
Total sales | $ 543,308 | $ 550,234 | ||||
Sales By Geographic Region: | ||||||
$ 274,399 | $ 271,510 | |||||
EMEA | 162,663 | 168,449 | 628,536 | 605,995 | ||
106,246 | 110,275 | 405,394 | 427,425 | |||
Total sales | $ 543,308 | $ 550,234 | ||||
Operating Income: | ||||||
Metal Cutting | $ 44,120 | $ 37,170 | $ 132,573 | $ 135,763 | ||
Infrastructure | 17,836 | 19,214 | 39,857 | 59,757 | ||
Corporate (1) | (557) | (454) | (2,207) | (3,103) | ||
Total operating income | $ 61,399 | $ 55,930 | $ 170,223 | $ 192,417 | ||
(1) Represents unallocated corporate expenses. |
NON-GAAP RECONCILIATIONS (UNAUDITED)
In addition to reported results under generally accepted accounting principles in
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.
Reconciliations to the most directly comparable GAAP financial measures for the following forward-looking non-GAAP financial measures for the first quarter and full fiscal year of 2025 have not been provided, including but not limited to: FOCF, adjusted operating income, adjusted net income, adjusted EPS, adjusted ETR and primary working capital. The most comparable GAAP financial measures are net cash flow from operating activities, operating income, net income attributable to Kennametal, ETR and working capital (defined as current assets less current liabilities), respectively. Primary working capital is defined as accounts receivable, net plus inventories, net minus accounts payable. Because the non-GAAP financial measures on a forward-looking basis are subject to uncertainty and variability as they are dependent on many factors - including, but not limited to, the effect of foreign currency exchange fluctuations, impacts from potential acquisitions or divestitures, gains or losses on the potential sale of businesses or other assets, restructuring costs, asset impairment charges, gains or losses from early extinguishment of debt, the tax impact of the items above and the impact of tax law changes or other tax matters - reconciliations to the most directly comparable forward-looking GAAP financial measures are not available without unreasonable effort.
THREE MONTHS ENDED JUNE 30, 2024 (UNAUDITED) | |||||
(in thousands, except percents) | Sales | Operating | ETR | Net income(2) | Diluted EPS |
Reported results | $ 543,308 | $ 61,399 | 30.7 % | $ 37,181 | $ 0.47 |
Reported margins | 11.3 % | ||||
Restructuring and related charges | — | 1,181 | 10.1 | 1,061 | 0.01 |
Differences in projected annual tax rates | — | — | (11.5) | 538 | 0.01 |
Adjusted results | $ 543,308 | $ 62,580 | 29.3 % | $ 38,780 | $ 0.49 |
Adjusted margins | 11.5 % | ||||
(2) Attributable to Kennametal. |
THREE MONTHS ENDED JUNE 30, 2024 (UNAUDITED) | ||||
Metal Cutting | Infrastructure | |||
(in thousands, except percents) | Sales | Operating | Sales | Operating income |
Reported results | $ 334,544 | $ 44,120 | $ 208,764 | $ 17,836 |
Reported operating margin | 13.2 % | 8.5 % | ||
Restructuring and related charges | — | 795 | — | 386 |
Adjusted results | $ 334,544 | $ 44,915 | $ 208,764 | $ 18,222 |
Adjusted operating margin | 13.4 % | 8.7 % | ||
THREE MONTHS ENDED JUNE 30, 2023 (UNAUDITED) | |||||
(in thousands, except percents) | Sales | Operating | ETR | Net income(2) | Diluted EPS |
Reported results | $ 550,234 | $ 55,930 | 19.9 % | $ 36,426 | $ 0.45 |
Reported margins | 10.2 % | ||||
Restructuring and related charges | — | 6,605 | 18.6 | 5,226 | 0.06 |
Differences in projected annual tax rates | — | — | (18.8) | 25 | — |
Adjusted results | $ 550,234 | $ 62,535 | 19.7 % | $ 41,677 | $ 0.51 |
Adjusted margins | 11.4 % | ||||
(2) Attributable to Kennametal. |
THREE MONTHS ENDED JUNE 30, 2023 (UNAUDITED) | ||||
Metal Cutting | Infrastructure | |||
(in thousands, except percents) | Sales | Operating | Sales | Operating |
Reported results | $ 336,852 | $ 37,170 | $ 213,382 | $ 19,214 |
Reported operating margin | 11.0 % | 9.0 % | ||
Restructuring and related charges | — | 5,341 | — | 1,275 |
Adjusted results | $ 336,852 | $ 42,511 | $ 213,382 | $ 20,489 |
Adjusted operating margin | 12.6 % | 9.6 % | ||
TWELVE MONTHS ENDED JUNE 30, 2024 (UNAUDITED) | ||||
(in thousands, except percents) | Sales | Operating | Net income(2) | Diluted EPS |
Reported results | $ 2,046,899 | $ 170,223 | $ 109,323 | $ 1.37 |
Reported operating margin | 8.3 % | |||
Restructuring and related charges | — | 12,372 | 10,394 | 0.13 |
Adjusted results | $ 2,046,899 | $ 182,595 | $ 119,717 | $ 1.50 |
Adjusted operating margin | 8.9 % | |||
(2) Attributable to Kennametal. |
TWELVE MONTHS ENDED JUNE 30, 2023 (UNAUDITED) | ||||
(in thousands, except percents) | Sales | Operating | Net income(2) | Diluted EPS |
Reported results | $ 2,078,184 | $ 192,417 | $ 118,459 | $ 1.46 |
Reported operating margin | 9.3 % | |||
Restructuring and related charges | — | 6,605 | 5,226 | 0.06 |
Adjusted results | $ 2,078,184 | $ 199,022 | $ 123,685 | $ 1.52 |
Adjusted operating margin | 9.6 % | |||
(2) Attributable to Kennametal. |
Free Operating Cash Flow (FOCF)
FOCF is a non-GAAP financial measure and is defined by the Company as cash provided by operations (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) | Twelve Months Ended | ||
June 30, | |||
(in thousands) | 2024 | 2023 | |
Net cash flow from operating activities | $ 277,108 | $ 257,945 | |
Purchases of property, plant and equipment | (107,561) | (94,385) | |
Proceeds from disposals of property, plant and equipment | 5,425 | 5,029 | |
Free operating cash flow | $ 174,972 | $ 168,589 | |
Organic Sales Growth (Decline)
Organic sales growth (decline) is a non-GAAP financial measure of sales growth (decline) (which is the most directly comparable GAAP measure) excluding the impacts 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 on a consistent basis. Management reports organic sales growth (decline) at the consolidated and segment levels.
ORGANIC SALES GROWTH (DECLINE) (UNAUDITED) | ||||||
THREE MONTHS ENDED JUNE 30, 2024 | Metal Cutting | Infrastructure | Total | |||
Organic sales decline | — % | (2) % | (1) % | |||
Foreign currency exchange effect(3) | (2) | (1) | (2) | |||
Business days effect(4) | 1 | 1 | 2 | |||
Sales decline | (1) % | (2) % | (1) % | |||
TWELVE MONTHS ENDED JUNE 30, 2024 | Total | |
Organic sales decline | (1) % | |
Foreign currency exchange effect(3) | (1) | |
Sales decline | (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. |
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SOURCE Kennametal
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