Kennametal Inc. (NYSE: KMT) announced that the company is reducing its previously announced fiscal 2016 guidance.

The company's revenue expectations have been negatively impacted by further declines in its end markets as evidenced by continued declines in industrial production indices since prior guidance was issued in early November, particularly China automotive and US and China coal mining, as well as further reductions in O&G activity. At this point in time, as a result of lower revenue expectations and the company's current lack of visibility to its end markets, the company expects as much as a 30-60% decrease in previously announced guidance for fiscal 2016 adjusted earnings per diluted share. The company will provide more detail at the time of the February 2016 Earnings call.

"Our served end markets are experiencing significant volatility and we are being challenged by the current global macroeconomic environment. As a result, our visibility into our end markets is poor and we have decided to reduce guidance for fiscal 2016. In this difficult time of end-market weakness, we will focus on controlling what we can control by tightly managing our costs and working capital, while not losing the capability to respond when the markets recover. We will continue to update our investors with changing trends throughout the remainder of the fiscal year," Don Nolan, President and CEO said. "Despite weak market conditions we continue to make meaningful progress on critical initiatives to strengthen our foundation and ultimately grow our business, which we will outline in our meeting with investors tomorrow. When market conditions improve, we are confident that Kennametal will deliver substantially improved results."

The slides for tomorrow morning's meeting will be posted on the company's website immediately prior to the meeting. Once on the homepage, select "Investor Relations" and then "Events."