UPDATE 3-Kennametal 3rd-qtr operating earnings up 12 pct

(Adds analyst comment, details on facility closures from conference call, byline)

By Chelsea Emery

NEW YORK, April 24 (Reuters) - Kennametal Inc (KMT.N: Quote, Profile, Research), which makes industrial tools and specialty metals, on Thursday reported higher quarterly profit excluding one-time items as strong international demand offset weak North American markets.

Still, the company faces the headwinds of a slowing U.S. economy and higher raw materials costs and it said it would speed up its plans to close facilities in North America and Europe to cut costs.

"We are increasingly uncertain about the company's ability to achieve elevated expectations against moderating end-market growth prospects, specifically in North America and Europe," wrote Wachovia analyst Andrew Casey, in a note to clients.

Shares of Kennametal slipped 1.4 percent, or 49 cents, to $33.52 in midafternoon trading on the New York Stock Exchange.

The maker of cutting tips for sawmills and construction cutting tools posted a third-quarter profit of $23 million, or 30 cents per share, compared with $52 million, or 66 cents per share, in the prior-year quarter.

Excluding a goodwill impairment charge, income from continuing operations rose 12 percent to $58 million, or 75 cents per share, boosted by sales growth, favorable foreign currency effects, acquisitions and a lower tax rate.

On that basis, analysts had forecast earnings of 73 cents per share.