By Katherine Hamilton

Kennametal boosted its full-year outlook as soaring tungsten prices fueled better-than-expected results in the fiscal third quarter.

The tool maker on Wednesday raised its full-year sales outlook to $2.33 billion to $2.35 billion, up from a prior range of $2.19 billion to $2.25 billion. It now expects adjusted earnings per share to be $3.75 to $4.00, up from $2.05 to $2.45.

Kennametal's third-quarter results were well ahead of the company's expectations primarily thanks to a jump in tungsten pricing, as well as stronger volume, Chief Executive Sanjay Chowbey said.

Shares climbed 17% to $43.70 in premarket trading.

The Pittsburgh company posted a profit of $58.2 million, or 75 cents a share, in the quarter ended March 31, compared with $31.5 million, or 41 cents a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were 77 cents, ahead of the 67 cents anticipated by analysts, according to FactSet.

Revenue rose 22% to $592.6 million. Analysts surveyed by FactSet forecast revenue of $568.0 million.

Tungsten prices have surged due to constrained supply, partly related to new export restrictions in China, a primary source of the metal.

Chowbey said Kennametal is actively managing its tungsten supply chain in what he called a dynamic market.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

May 06, 2026 08:10 ET (12:10 GMT)

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