Kennametal reported a modest top-line decline in QQ3 2025, with revenue of $486.4 million, down 5.7% year over year, driven by continued weakness in general engineering, transportation, and earthworks, while Aerospace & Defense (A&D) delivered meaningful strength on defense project wins. Despite weaker volumes, the company delivered margin expansion driven by restructuring savings and a favorable Inflation Reduction Act (IRA) production credit, resulting in adjusted EPS of $0.47 for the quarter (GAAP EPS $0.41). Management also highlighted ongoing cost-reduction actions, including a $15 million run-rate target and the mid-April closure of the Greenfield, MA plant, which supported the quarterly profitability cadence. The company guided FY25 revenue to $1.97–$1.99 billion and adjusted EPS to $1.30–$1.45, noting an expected ~ $0.05 per share tariff headwind and a ~ $13 million quarterly FX tailwind into Q4. Kennametal aims to achieve approximately $65 million of structural savings run-rate by year-end toward a $100 million total target, with roughly $15 million of annualized savings expected from restructuring actions by June 30, 2025. The investment narrative remains anchored in growth opportunities within A&D and select end markets, disciplined capital allocation (including $25 million of buybacks in the quarter and a $97 million cash position), and a strong balance sheet capable of absorbing near-term volatility while leveraging long-term megatrends in energy, data centers, and hybrid vehicle applications.