By Chris Wack

Kennametal shares dropped 5% to $22.30 after the company reported second-quarter earnings that missed expectations, and cut its fiscal 2025 guidance.

The stock hit its 52-week low of $20.50 earlier in the session, and is down 9.5% in the past 12 months.

The industrial technology company said it had quarterly earnings of $17.9 million, or 23 cents a share, compared with $23.1 million, or 29 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for earnings of $20.2 million, or 26 cents a share.

Adjusted earnings were 25 cents a share, compared with the 26 cents a share analysts had forecast.

Sales for the quarter were $482.1 million, compared with last year's $495.3 million and the $487.6 million analysts had expected.

The Pittsburgh company said conditions in a number of its end markets continued to weaken, resulting in sales at the lower end of its expectations, leading it to lower its fiscal 2025 projections.

Kennametal is forecasting sales of $480 million to $500 million in the third quarter with adjusted earnings of 20 cents to 30 cents a share. Analysts are looking for quarterly sales of $518 million.

For fiscal 2025, the company is now expecting sales of $1.95 billion to $2 billion, compared with previous guidance of $2 billion to $2.1 billion. Analysts are forecasting 2025 sales of $2.03 billion.

The company is also expecting 2025 adjusted earnings of $1.05 to $1.30 a share, down from the $1.30 to $1.70 a share it had previously been looking for. Analysts are expecting 2025 adjusted earnings of $1.44 a share.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

February 05, 2025 12:23 ET (17:23 GMT)

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