2023 Q3 Form 10-K Financial Statement

#000005524223000040 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023
Revenue $492.5M $550.2M $2.078B
YoY Change -0.47% 3.81% 3.27%
Cost Of Revenue $329.6M $374.6M $1.432B
YoY Change -1.57% 4.12% 4.93%
Gross Profit $162.9M $175.7M $646.4M
YoY Change 1.83% 3.18% -0.24%
Gross Profit Margin 33.08% 31.93% 31.11%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $11.00M $10.50M $43.10M
YoY Change 3.77% -2.78% 2.38%
% of Gross Profit 6.75% 5.98% 6.67%
Depreciation & Amortization $30.46M $3.148M $12.62M
YoY Change 3.4% -90.73% -90.41%
% of Gross Profit 18.7% 1.79% 1.95%
Operating Expenses $111.6M $113.1M $449.9M
YoY Change 3.11% 6.82% 7.35%
Operating Profit $45.12M $62.54M $196.5M
YoY Change -7.02% -2.81% -9.91%
Interest Expense $6.601M -$7.097M -$28.50M
YoY Change -0.56% 5.97% -209.96%
% of Operating Profit 14.63% -11.35% -14.5%
Other Income/Expense, Net -$89.00K -$1.716M -$4.300M
YoY Change -91.18% -150.8% -129.64%
Pretax Income $38.43M $47.12M $159.6M
YoY Change -6.0% -20.61% -22.79%
Income Tax $8.059M $9.377M $36.26M
% Of Pretax Income 20.97% 19.9% 22.71%
Net Earnings $30.06M $36.43M $118.5M
YoY Change 6.6% -12.67% -18.09%
Net Earnings / Revenue 6.1% 6.62% 5.7%
Basic Earnings Per Share $0.38 $1.47
Diluted Earnings Per Share $0.37 $0.45 $1.46
COMMON SHARES
Basic Shares Outstanding 79.71M shares 80.28M shares 80.80M shares
Diluted Shares Outstanding 80.70M shares 81.40M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.10M $106.0M $106.0M
YoY Change 47.29% 23.88% 23.88%
Cash & Equivalents $95.10M $106.0M $106.0M
Short-Term Investments
Other Short-Term Assets $56.46M $55.83M $55.83M
YoY Change -26.42% -23.46% -23.46%
Inventory $570.3M $557.6M $557.6M
Prepaid Expenses
Receivables $288.7M $307.3M $307.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.011B $1.027B $1.027B
YoY Change -0.09% 0.2% 0.2%
LONG-TERM ASSETS
Property, Plant & Equipment $958.2M $969.1M $969.1M
YoY Change -1.47% -3.29% -7.64%
Goodwill $266.6M $269.6M
YoY Change 3.35% 2.01%
Intangibles $89.82M $93.16M
YoY Change -11.57% -11.88%
Long-Term Investments
YoY Change
Other Assets $80.11M $188.7M $188.7M
YoY Change 5.47% 2099.11% 45.56%
Total Long-Term Assets $1.502B $1.520B $1.520B
YoY Change -0.17% -1.83% -1.83%
TOTAL ASSETS
Total Short-Term Assets $1.011B $1.027B $1.027B
Total Long-Term Assets $1.502B $1.520B $1.520B
Total Assets $2.513B $2.547B $2.547B
YoY Change -0.14% -1.02% -1.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $197.4M $203.3M $203.3M
YoY Change -4.16% -10.77% -10.77%
Accrued Expenses $42.19M $67.01M $139.1M
YoY Change 3.34% -2.45% 4.72%
Deferred Revenue
YoY Change
Short-Term Debt $31.20M $689.0K $689.0K
YoY Change -63.4% -96.75% -96.75%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $419.8M $434.0M $434.0M
YoY Change -15.61% -10.64% -10.64%
LONG-TERM LIABILITIES
Long-Term Debt $595.4M $595.2M $595.2M
YoY Change 0.14% 0.14% 0.14%
Other Long-Term Liabilities $21.51M $203.9M $203.9M
YoY Change 45.3% 1226.47% 19.9%
Total Long-Term Liabilities $21.51M $799.1M $799.1M
YoY Change 45.3% 5098.02% 4.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $419.8M $434.0M $434.0M
Total Long-Term Liabilities $21.51M $799.1M $799.1M
Total Liabilities $1.214B $1.272B $1.272B
YoY Change -5.0% -0.82% -3.72%
SHAREHOLDERS EQUITY
Retained Earnings $1.139B $1.125B
YoY Change 5.19% 5.04%
Common Stock $553.2M $565.2M
YoY Change -4.63% -5.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.260B $1.275B $1.275B
YoY Change
Total Liabilities & Shareholders Equity $2.513B $2.547B $2.547B
YoY Change -0.14% -1.02% -1.02%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023
OPERATING ACTIVITIES
Net Income $30.06M $36.43M $118.5M
YoY Change 6.6% -12.67% -18.09%
Depreciation, Depletion And Amortization $30.46M $3.148M $12.62M
YoY Change 3.4% -90.73% -90.41%
Cash From Operating Activities $25.71M $131.8M $257.9M
YoY Change -339.22% 49.02% 42.16%
INVESTING ACTIVITIES
Capital Expenditures $31.80M $23.30M $94.39M
YoY Change 7.85% -163.37% -2.62%
Acquisitions $0.00
YoY Change
Other Investing Activities -$27.00K $286.0K -$126.0K
YoY Change -325.0% 82.17% 110.0%
Cash From Investing Activities -$28.72M -$23.02M -$89.23M
YoY Change -1.95% -37.14% -6.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -$6.052M -93.10M -$143.1M
YoY Change -126.17% 47.84% -5.06%
NET CHANGE
Cash From Operating Activities $25.71M 131.8M $257.9M
Cash From Investing Activities -$28.72M -23.02M -$89.23M
Cash From Financing Activities -$6.052M -93.10M -$143.1M
Net Change In Cash -$10.92M 15.65M $20.44M
YoY Change -48.03% -240.2% -129.85%
FREE CASH FLOW
Cash From Operating Activities $25.71M $131.8M $257.9M
Capital Expenditures $31.80M $23.30M $94.39M
Free Cash Flow -$6.088M $108.5M $163.6M
YoY Change -84.87% -13.37% 93.52%

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CY2023 us-gaap Nature Of Operations
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NATURE OF OPERATIONS<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With more than 80 years of materials expertise, the Company is a global industrial technology leader, helping customers across the aerospace and defense, earthworks, energy, general engineering and transportation end markets manufacture with precision and efficiency. This expertise includes the development and application of tungsten carbides, ceramics, super-hard materials and solutions used in metal cutting and extreme wear applications to keep customers up and running longer against conditions such as corrosion and high temperatures.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our standard and custom product offering spans metal cutting and wear applications including turning, milling, hole making, tooling systems and services, as well as specialized wear components and metallurgical powders. End users of the Company's metal cutting products include manufacturers engaged in a diverse array of industries including: the manufacturers of transportation vehicles and components, machine tools and light and heavy machinery; airframe and aerospace components; and energy-related components for the oil and gas industry, as well as power generation. The Company’s wear and metallurgical powders are used by producers and suppliers in equipment-intensive operations such as road construction, mining, quarrying, oil and gas exploration, refining, production and supply, and for aerospace and defense.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unless otherwise specified, any reference to a “year” is to a fiscal year ended June 30. When used in this Annual Report on Form 10-K, unless the context requires otherwise, the terms “we,” “our” and “us” refer to Kennametal Inc. and its subsidiaries.</span></div>
CY2023 us-gaap Use Of Estimates
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USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS In preparing our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), we make judgments and estimates about the amounts reflected in our consolidated financial statements. As part of our financial reporting process, our management collaborates to determine the necessary information on which to base our judgments and develop estimates used to prepare the consolidated financial statements. We use historical experience and available information to make these judgments and estimates. Actual amounts could differ from the estimates reflected in our consolidated financial statements.
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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OtherComprehensiveIncomeLossTax
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CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2023Q2 us-gaap Restructuring And Related Cost Expected Cost1
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RestructuringAndRelatedCostExpectedCost1
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CY2023 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
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CY2023 us-gaap Restructuring Charges
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RestructuringAndRelatedCostIncurredCost
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CY2021 us-gaap Restructuring Charges
RestructuringCharges
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CY2021 kmt Restructuring Charges Related To Inventory Disposals
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CY2023Q2 us-gaap Restructuring Reserve Current
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RestructuringReserveNoncurrent
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CY2023Q2 us-gaap Debt Instrument Fair Value
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
38.10
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q2 us-gaap Accrual For Environmental Loss Contingencies
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CY2023 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
3000000 usd
CY2023 us-gaap Number Of Operating Segments
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Revenues
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CY2022 us-gaap Revenues
Revenues
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Revenues
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OperatingIncomeLoss
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OperatingIncomeLoss
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InterestExpense
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InterestExpense
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InterestExpense
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OtherNonoperatingIncomeExpense
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OtherNonoperatingIncomeExpense
14507000 usd
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OtherNonoperatingIncomeExpense
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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159621000 usd
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023 us-gaap Depreciation Depletion And Amortization
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CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
131678000 usd
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2023Q2 us-gaap Assets
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CY2022Q2 us-gaap Assets
Assets
2573524000 usd
CY2021Q2 us-gaap Assets
Assets
2665761000 usd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
96924000 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
127302000 usd
CY2023 us-gaap Revenues
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CY2022Q2 us-gaap Noncurrent Assets
NoncurrentAssets
1002041000 usd
CY2021Q2 us-gaap Noncurrent Assets
NoncurrentAssets
1055135000 usd
CY2023 kmt Salesfrom Othercountrydidnotexceed
SalesfromOthercountrydidnotexceed
0.02
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
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CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
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CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
true
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
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true
CY2023 dei Auditor Firm
AuditorFirmId
238

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