Kennametal (KMT) FY2024 results: revenue $2.0 billion, down 1.5% on the year

Kennametal Inc. (KMT) reported revenue of $2.0 billion for fiscal 2024, the year ended 30 June 2024, down 1.5% on the year before. Net income was $109 million, down 7.7%, and diluted earnings per share $1.37. The figures are the company's own, from the 10-K it filed with the SEC on 12 August 2024.

Revenue

$2.0 billion

-1.5% on the year

FY2017FY2024

Operating margin

8.3%

9.3% a year earlier

FY2017FY2024

Net income

$109 million

-7.7% on the year

FY2017FY2024

Diluted EPS

$1.37

-6.2% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,047	2,078	2,012	-1.5%
Cost of revenue	1,420	1,432	1,364	-0.8%
Gross profit	627	646	648	-3.0%
Gross margin	30.6%	31.1%	32.2%
Research and development	44.2	43.1	42.1	+2.6%
Selling, general and administrative	433	n/a	n/a
Operating income	170	192	218	-11.5%
Operating margin	8.3%	9.3%	10.8%
Interest expense	26.5	28.5	25.9	-7.1%
Pre-tax income	144	160	207	-9.5%
Income tax	30.8	36.3	56.5	-15.0%
Effective tax rate	21.3%	22.7%	27.3%
Net income	109	118	145	-7.7%
Net margin	5.3%	5.7%	7.2%
Diluted EPS	$1.37	$1.46	$1.72	-6.2%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	277	258	-181	+7.4%
Capital expenditure	108	94.4	96.9	+14.0%
Free cash flow	170	164	-278	+3.7%
Free cash flow margin	8.3%	7.9%	-13.8%
Cash from investing	-109	-89.2	-94.9
Cash from financing	-142	-143	-151
Depreciation and amortisation	135	134	132	+0.5%
Share-based compensation	24.3	24.7	21.0	-1.3%
Buybacks	65.6	49.3	85.5	+33.0%
Dividends paid	63.4	64.5	66.6	-1.7%
Dividend per share	$0.80	$0.80	$0.80	0.0%
Diluted shares, weighted	80m	81m	84m	-1.8%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,250	1,275	1,253	-2.0%
Non-controlling interest	38.7	38.7	38.7	+0.0%
Debt	596	595	616	+0.1%
Operating lease liabilities	35.6	32.2	35.3	+10.7%
Other liabilities	584	606	631	-3.7%
Total liabilities and equity	2,504	2,547	2,574	-1.7%
Fixed assets	938	969	1,002	-3.2%
Goodwill	272	270	264	+0.7%
Intangible assets	81.4	93.2	106	-12.6%
Cash and equivalents	128	106	85.6	+20.7%
Receivables	303	307	295	-1.5%
Inventory	515	558	571	-7.7%
Other assets	267	244	250	+9.3%
Total assets	2,504	2,547	2,574	-1.7%

10-K for the year ended 30 June 2024, filed 12 August 2024: the filing.