Kennametal 1st-Quarter Profit Rises

Net income for the quarter ended Sept. 30 rose to $34.9 million, or 88 cents per share, from $30.4 million, or 78 cents per share, in the prior-year period. The recent quarter's results include a charge of 17 cents per share related to a German tax reform bill.

Revenue rose 13 percent to $615.1 million from $542.8 million.

Analysts polled by Thomson Financial expected a profit of $1 per share on revenue of $600.3 million. Analysts typically exclude special items from their estimates.

Kennametal's metalworking segment revenue grew 14 percent, helped by sales in Europe and Asia Pacific, while North American sales excluding acquisitions were flat.

Sales at the company's advanced materials group, which makes engineering and manufacturing customized protective systems, rose 12 percent, helped by mining and construction sales, acquisitions and the benefit of a weaker dollar.

The company also raised its fiscal 2008 earnings guidance, citing stronger international sales.