Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of manufacturer Kennametal (NYSE:KMT) dropped as much as 10% today after reporting earnings.

So what: Revenue was up 9% in the fiscal second quarter, to $690 million, with 7% of the increase coming from the Tungsten Materials Business acquisition. The problem is that net income fell 43%, to $24.2 million, or $0.52 per share after adjusting for acquisition costs. The expectation was for $0.60 per share in earnings. 

Now what: A restructuring is also under way that will cost $40 million to $50 million, and is expected to lead to $35 million to $45 million in annual savings. If these costs can be cut, the company may be a decent value, but with slow organic growth, I just can't get excited enough to buy shares today.

Travis Hoium has no position in any stocks mentioned. The Motley Fool recommends Kennametal. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.