Kennametal Inc (KMT)
Pretax margin
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 132,004 | 156,814 | 142,039 | 137,394 | 144,450 | 136,390 | 151,602 | 157,171 | 159,622 | 171,851 | 179,569 | 195,868 | 206,733 | 199,924 | 169,754 | 140,141 | 64,660 | 21,956 | 33,104 | -32,952 |
| Revenue (ttm) | US$ in thousands | 1,966,846 | 1,993,706 | 2,023,101 | 2,036,370 | 2,046,898 | 2,053,824 | 2,074,066 | 2,075,867 | 2,078,183 | 2,057,965 | 2,034,188 | 2,023,740 | 2,012,457 | 1,998,412 | 1,970,811 | 1,924,645 | 1,841,441 | 1,704,523 | 1,702,949 | 1,767,522 |
| Pretax margin | 6.71% | 7.87% | 7.02% | 6.75% | 7.06% | 6.64% | 7.31% | 7.57% | 7.68% | 8.35% | 8.83% | 9.68% | 10.27% | 10.00% | 8.61% | 7.28% | 3.51% | 1.29% | 1.94% | -1.86% |
June 30, 2025 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $132,004K ÷ $1,966,846K
= 6.71%
The pretax margin of Kennametal Inc. demonstrates significant variability over the analyzed period. Starting from a negative value of -1.86% on September 30, 2020, the margin transitioned into positive territory by the end of 2020, reaching 1.94%. This upward trajectory continued into 2021, with margins rising to 1.29% in March, then accelerating to 3.51% in June, and further improving to 7.28% in September. The positive trend persisted through the end of 2021 and into early 2022, with margins reaching a peak of 10.27% on June 30, 2022.
Subsequently, the pretax margin experienced a gradual decline throughout the latter half of 2022 and into 2023, decreasing from 9.68% in September 2022 to 8.35% by March 2023. This declining trend continued into 2024, where the margin averaged around 6.64% in March, slightly increasing to 7.06% in June, and then stabilizing near 6.75% in September. The margins during this period indicate a moderation from earlier peaks, maintaining a range generally between approximately 6.64% and 7.87%.
Overall, the pretax margin exhibits an initial recovery from negative levels, reaching its peak in mid-2022, followed by a gradual decline and stabilization at a lower but consistent level in subsequent periods. This pattern reflects fluctuations in profitability that may be influenced by factors such as cost structure, revenue mix, market conditions, or operational efficiencies over the analyzed timeframe.