Water-atomized nickel-molybdenum alloy (0.5 Ni-0.5 Mo) powder was blended with graphite for 0.4% carbon, then pressed into preforms (1.5 X 2 X 5 in). The preforms were hot formed to full density via a variety of processing conditions (various degrees of flow, sintering temperature, and sintering atmosphere). Impact specimens were excised and tested over a range of temperatures to determine the ductile-to-brittle transition temperature.All impact specimens had ductile failure at room temperature. In general, increased deformation increased the room-temperature and low-temperature impact strengths by eliminating particle boundaries and elongating the inclusions. High temperature sintering reduced the oxygen content and improved the impact strength by reducing the number of crack-initiating inclusions.Jominy hardenability test results were unaffected by various sintering conditions because the amount of easily oxidizable alloying elements was kept to a minimum.