Kennametal cuts FY24 adjusted EPS view $1.35-$1.65 from $1.75-$2.15

Consensus $1.73. Cuts FY24 revenue view to $2.02B-$2.07B from $2.1B-$2.2B, consensus $2.09B. Rossi continued, “We have updated our full year outlook to reflect the macro-economic conditions we are now seeing, which includes softening across our end markets and no recovery in China this fiscal year. We remain focused on the things we can control including gaining share and accelerating progress on our $100 million in cost reductions by the end of FY27. As a result, we are taking additional actions to increase the savings of our current restructuring program from $20 million to $35 million by the end of FY24. These steps, coupled with our extended share repurchase program, continue to give me confidence that we will drive long-term value for shareholders.”