Interesting multi-national play I noted in this week's Barron's. 2 for 1 split, great sales growth and dividend increase. IMHO FWIW.
8:57 AM ET) NEW YORK (MarketWatch) -- Kennametal Inc.'s fiscal first-quarter net income rose 15% to $34.9 million, or 88 cents a share, from $30.4 million, or 78 cents a share, a year earlier. Results for the latest quarter included a noncash charge of 17 cents a share for the impact of a German tax-reform bill. Excluding the special charge, earnings for the period were $1.05 a share. The Latrobe, Pa., metal-cutting tools company said sales for the period ended Sept. 30 rose 13% to $615.1 million from $542.8 million a year ago. On average, analysts polled by Thomson Financial expected earnings of $1 a share and revenue of $600 million. Kennametal increased its forecast for fiscal 2008 adjusted earnings to between $5.60 and $5.70 a share from $5.30 to $5.50 a share, on stronger international sales. For the second quarter, the company expects earnings in the range of $1.10 to $1.15 a share. Kennametal also said it has approved a 2-for-1 stock split and a 14% dividend increase. Additional shares issued as a result of the stock dividend will be distributed Dec. 18. to shareholders of record Dec. 4. Separately, the approved pre-split 14% dividend increase brings the company's quarterly cash dividend to 24 cents a share. The dividend is payable Nov. 19 to shareholders of record Nov. 7.
