Kennametal (KMT) Lowers Guidance; Cuts 1,200 Jobs
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Kennametal Inc. (NYSE: KMT) announces additional cost reduction action, involving reducing the company's global salaried workforce by approximately 800 positions which is expected to generate annual pre-tax savings of approximately $70 million.
In total, the workforce reduction announced today, together with the previously announced restructuring is expected to produce ongoing annual pre- tax savings of approximately $100 million including the total reduction in workforce of approximately 1,200 positions.
Kennametal sees EPS of $0.34, ex-items, versus the consensus of $0.48.
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