Kennametal reports lower profit; cuts outlook

Thu Jan 24, 2013 8:13am EST

Jan 24 (Reuters) - Industrial toolmaker Kennametal Inc's second-quarter profit fell 43 percent, hurt by weak demand in the United States, and the company cut its earnings forecast for the current year.

Kennametal, considered a proxy for global industrial production, said it expects to earn between $2.60 and $2.80 per share for the year ending June, below its prior forecast of $3.40 to $3.70.

The company said in October it expected industrial demand in the United States and Asia to improve in 2013.

Net income attributable to the company fell to $42.1 million, or 52 cents per share, in the second quarter, from $73.7 million, or 91 cents per share, a year earlier.

Revenue slipped 1 percent to $633.1 million.