Kennametal posts lower quarterly profit, cuts outlook

Wed Oct 24, 2012 8:17am EDT

(Reuters) - Industrial toolmaker Kennametal Inc (KMT.N) reported sharply lower quarterly profit on Wednesday and cut its sales and earnings outlook for the year, citing slowing economies.

Net income fell to $46.4 million, or 57 cents per share, in the fiscal first quarter ended September 30, from $72.0 million, or 88 cents per share, a year ago.

Sales dropped to $629 million, from $659 million.

(Reporting by Nick Zieminski in New York; Editing by Jeffrey Benkoe)