Kennametal sales fall 6%
Kennametal said its fiscal third-quarter sales declined by 6% to $655 million, compared with $696 million in the same quarter last year.
Net income fell by nearly 29% to $53.9 million, or 67 cents per share, compared to $75.5 million, or 93 cents, in the same period last year.
Industrial segment sales of $374 million declined 11 percent from $419 million in the prior year quarter. On an organic basis, sales declined 12 percent in general engineering and 2 percent in transportation, while aerospace and defense sales grew 14 percent. The decline in transportation reflected lower vehicle production rates in most geographic regions, while aerospace and defense sales grew with increased production of commercial aircraft.
Infrastructure segment sales of $282 million increased 1 percent from $278 million in the prior year.
"We're navigating well in a challenging economic environment, while strengthening our business to be ready to serve our customers as growth returns," said Kennametal chairman, president and chief executive officer Carlos Cardoso.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
