Kennametal (NYSE: KMT) reported Q3 EPS of $0.46, $0.14 better than the analyst estimate of $0.32. Revenue for the quarter came in at $483 million versus the consensus estimate of $515.88 million.

"Despite the many headwinds we faced in the third quarter, we delivered solid results that were strengthened by our early cost-control actions and the continued benefits of our simplification/modernization investments," said President and CEO Christopher Rossi. "Kennametal is considered an essential business by governments around the world, so we have kept almost all of our production facilities open and serving customers throughout this crisis. We ended the quarter with a strong liquidity position that will allow us to manage the uncertain times created by COVID-19 and continue to execute on our simplification/modernization strategy."

Rossi continued, "As we look ahead, we expect COVID-19 will be a significant operational and market headwind. Early in this crisis we deployed global safety protocols and processes to keep our employees safe while continuing to serve critical industries. At the same time, however, COVID-19 is creating extensive uncertainty and limited visibility into our end markets, prompting us to withdraw our outlook for fiscal year 2020. We are approaching this challenging time determined to stay focused on the things we can control: keeping our employees safe, serving our customers, delivering savings from simplification/modernization and continuing to execute our strategy so that we are well-positioned for the eventual market recovery."

GUIDANCE:

Looking ahead, due to the increased uncertainty in the global economy and Kennametal's end markets caused by COVID-19, the Company is withdrawing its previously announced outlook for fiscal year 2020. The Company will provide more details regarding its fourth quarter assumptions on its conference call on May 5, 2020 at 8:00 a.m. Eastern Time.

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