Posted February 2, 2018

Kennametal sales climb by 17 percent

Kennametal said sales for its fiscal 2018 second quarter were $571 million, compared with $488 million in the prior year quarter.

Sales increased by 17 percent, driven by 15 percent organic growth and a 3 percent favorable currency exchange impact, partially offset by a 1 percent decrease due to fewer business days.

Net income of $41.6 million, or 50 cents per share, compared to $7.3 million, or 9 cents, in the same period last year.

Widia sales of $48 million increased 11 percent from $43 million in the prior year quarter, driven by organic growth of 9 percent and a 2 percent favorable currency exchange impact. Widia organic sales growth continues to be positively impacted by the reorganization of distribution in Europe, growth in India related to higher demand trends, in addition to increasing demand in the U.S. energy markets and higher growth rates in emerging markets. Constant currency regional sales growth was 16 percent in EMEA, 8 percent in the Americas and 4 percent in Asia Pacific.