Kennametal (KMT) FY2022 results: revenue $2.0 billion, up 9.3% on the year

Kennametal Inc. (KMT) reported revenue of $2.0 billion for fiscal 2022, the year ended 30 June 2022, up 9.3% on the year before. Net income was $145 million, up 165.7%, and diluted earnings per share $1.72. The figures are the company's own, from the 10-K it filed with the SEC on 10 August 2022.

Revenue

$2.0 billion

+9.3% on the year

FY2015FY2022

Operating margin

10.8%

5.5% a year earlier

FY2015FY2022

Net income

$145 million

+165.7% on the year

FY2015FY2022

Diluted EPS

$1.72

+164.6% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,012	1,841	1,885	+9.3%
Cost of revenue	1,364	1,289	1,356	+5.9%
Gross profit	648	552	529	+17.3%
Gross margin	32.2%	30.0%	28.1%
Research and development	42.1	39.5	38.7	+6.6%
Operating income	218	102	22.3	+113.5%
Operating margin	10.8%	5.5%	1.2%
Interest expense	25.9	46.4	35.2	-44.1%
Pre-tax income	207	64.7	2.0	+219.7%
Income tax	56.5	6.2	7.0	+805.5%
Effective tax rate	27.3%	9.7%	357.5%
Net income	145	54.4	-5.7	+165.7%
Net margin	7.2%	3.0%	-0.3%
Diluted EPS	$1.72	$0.65	-$0.07	+164.6%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	-181	236	224
Capital expenditure	96.9	127	244	-23.9%
Free cash flow	-278	108	-20.4
Free cash flow margin	-13.8%	5.9%	-1.1%
Cash from investing	-94.9	-123	-218
Cash from financing	-151	-574	425
Depreciation and amortisation	132	126	120	+4.1%
Share-based compensation	21.0	24.8	16.0	-15.4%
Buybacks	85.5	0.2	0.2	+43,322.3%
Dividends paid	66.6	66.7	66.3	-0.3%
Dividend per share	$0.80	$0.80	$0.80	0.0%
Diluted shares, weighted	84m	84m	83m	-0.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,253	1,330	1,230	-5.8%
Non-controlling interest	38.7	38.6	38.9	+0.2%
Debt	616	600	594	+2.5%
Operating lease liabilities	35.3	36.8	35.4	-4.0%
Other liabilities	631	660	1,139	-4.4%
Total liabilities and equity	2,574	2,666	3,038	-3.5%
Fixed assets	1,002	1,055	1,038	-5.0%
Goodwill	264	278	271	-4.8%
Intangible assets	106	120	133	-11.9%
Cash and equivalents	85.6	154	607	-44.4%
Receivables	295	303	238	-2.5%
Inventory	571	476	522	+19.8%
Other assets	250	280	229	-10.7%
Total assets	2,574	2,666	3,038	-3.5%

10-K for the year ended 30 June 2022, filed 10 August 2022: the filing.