Kennametal (NYSE: KMT) reported Q2 EPS of $0.14, $0.02 better than the analyst estimate of $0.12. Revenue for the quarter came in at $524 million versus the consensus estimate of $502.04 million.

GUIDANCE:

Kennametal sees FY2016 EPS of $0.85-$1.05, versus the consensus of $0.81. Company now expects total organic sales decline of 10 to 13 percent for the fiscal year.

Don Nolan, President and CEO commented, "We are clearly operating in an environment where some of our key end markets are under significant pressure. We continue to adjust our global operations to best manage through this challenging time. We are acting quickly in anticipation of continued headwinds in our fiscal year 2016."

Nolan continued, "As we address what is needed to be done in this environment, we are also positioning the Company to fully leverage our core strengths for attractive, long-term growth and profitability. Kennametal has strong brands, superior technologies, and great customer relationships. We have divested non-core businesses and continue to invest in R&D and capital, focusing on our core in order to deliver great value to our customers each and every day. We look to the future and improved market conditions to fully leverage the many changes we have made within the global organization, incrementally improve margins, and drive value-enhancing long-term profitable growth."

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