Why Kennametal Inc.'s Shares Popped Today

Shares of industrial supplier Kennametal Inc. (NYSE: KMT) jumped as much as 12.8% in trading Thursday after the company reported fiscal first-quarter results. At 3:15 p.m. EDT, shares were still up 9.9% on the day.

Revenue rose 13.7% to $542.5 million in the quarter, and Kennametal swung from a loss of $21.7 million a year ago to a profit of $39.2 million, or $0.48 per share. Adjusted earnings were $0.55 per share. Analysts had only been expecting revenue of $513.5 million and earnings of $0.38 per share on an adjusted basis, so the surprise is what sent shares soaring.

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Source: Fool.com