Jan 24 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.