Kennametal (KMT) FY2023 results: revenue $2.1 billion, up 3.3% on the year

Kennametal Inc. (KMT) reported revenue of $2.1 billion for fiscal 2023, the year ended 30 June 2023, up 3.3% on the year before. Net income was $118 million, down 18.1%, and diluted earnings per share $1.46. The figures are the company's own, from the 10-K it filed with the SEC on 9 August 2023.

Revenue

$2.1 billion

+3.3% on the year

FY2016FY2023

Operating margin

9.3%

10.8% a year earlier

FY2016FY2023

Net income

$118 million

-18.1% on the year

FY2016FY2023

Diluted EPS

$1.46

-15.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,078	2,012	1,841	+3.3%
Cost of revenue	1,432	1,364	1,289	+4.9%
Gross profit	646	648	552	-0.2%
Gross margin	31.1%	32.2%	30.0%
Research and development	43.1	42.1	39.5	+2.4%
Operating income	192	218	102	-11.8%
Operating margin	9.3%	10.8%	5.5%
Interest expense	28.5	25.9	46.4	+10.0%
Pre-tax income	160	207	64.7	-22.8%
Income tax	36.3	56.5	6.2	-35.9%
Effective tax rate	22.7%	27.3%	9.7%
Net income	118	145	54.4	-18.1%
Net margin	5.7%	7.2%	3.0%
Diluted EPS	$1.46	$1.72	$0.65	-15.1%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	258	-181	236
Capital expenditure	94.4	96.9	127	-2.6%
Free cash flow	164	-278	108
Free cash flow margin	7.9%	-13.8%	5.9%
Cash from investing	-89.2	-94.9	-123
Cash from financing	-143	-151	-574
Depreciation and amortisation	134	132	126	+1.8%
Share-based compensation	24.7	21.0	24.8	+17.5%
Buybacks	49.3	85.5	0.2	-42.4%
Dividends paid	64.5	66.6	66.7	-3.1%
Dividend per share	$0.80	$0.80	$0.80	0.0%
Diluted shares, weighted	81m	84m	84m	-3.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,275	1,253	1,330	+1.8%
Non-controlling interest	38.7	38.7	38.6	+0.1%
Debt	595	616	600	-3.3%
Operating lease liabilities	32.2	35.3	36.8	-9.0%
Other liabilities	606	631	660	-4.1%
Total liabilities and equity	2,547	2,574	2,666	-1.0%
Fixed assets	969	1,002	1,055	-3.3%
Goodwill	270	264	278	+2.0%
Intangible assets	93.2	106	120	-11.9%
Cash and equivalents	106	85.6	154	+23.9%
Receivables	307	295	303	+4.1%
Inventory	558	571	476	-2.3%
Other assets	244	250	280	-2.1%
Total assets	2,547	2,574	2,666	-1.0%

10-K for the year ended 30 June 2023, filed 9 August 2023: the filing.