EX-12.1 3 d443339dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Kennametal Inc.

Statement of Computation of Ratios of Earnings to Fixed Charges

(in thousands, except ratios)

 

     For the year ended June 30,  
     2017      2016     2015     20014      2013  

Earnings:

             

Pre-tax income/(loss) from continuing operations before minority interest

    $ 81,875      $ (198,571 )    $ (387,615 )    $ 228,809      $ 266,609  

Fixed Charges

    $ 37,605      $ 37,280     $ 41,266     $ 43,084      $ 37,739  

Total Earnings / (loss)

    $ 119,480      $ (161,291 )    $ (346,349 )    $ 271,893      $ 304,348  

Fixed Charges:

             

Interest Expense

    $ 28,842      $ 27,752     $ 31,466     $ 32,451      $ 27,472  

Interest Implicit in rental expense (One Third of rental expense)

    $ 8,763      $ 9,528     $ 9,800     $ 10,633      $ 10,267  

Total fixed charges

    $ 37,605      $ 37,280     $ 41,266     $ 43,084      $ 37,739  

Ratio of Earnings to Fixed Charges

      3.2           (1)         (2)      6.3        8.1  

 

(1) Earnings were insufficient to cover fixed charges by $198.6 million primarily due to loss on divestiture of non-core business and negative market impacts on results of operations, including $275.3 million in pre-tax non-cash asset impairments of $108.5 million, loss of $131.5 million on divestiture of non-core business and other restructuring charges of $35.3 million.
(2) Earnings were insufficient to cover fixed charges by $387.6 million primarily due to negative market impacts on results of operations, including $582.2 million in pre-tax non-cash asset impairments of $541.7 million and other restructuring charges of $40.5 million.