Kennametal's sales up 16 percent
Kennametal said its third-quarter fiscal 2010 sales were $493 million, compared with $424 million in the same quarter last year.
Sales increased 16 percent due to an organic increase of 11 percent and a 5 percent favorable impact from foreign currency effects.
Sales improved sequentially by 11 percent, representing the third consecutive quarter of sequential sales growth. Year-to-date sales were $1.3 billion compared to $1.6 billion in the same period last year.
"We are encouraged that growth in industrial activity is continuing across a range of end markets and geographies. Our global team has been disciplined in its efforts to streamline our business and lower our cost structure. The strong operating leverage reflected in our March quarter performance is consistent with our strategies to reposition Kennametal to fully maximize our growth potential," said Carlos Cardoso, Kennametal's chairman, president and CEO.
Operating income was $26 million compared with an operating loss of $150 million in the same quarter last year.
Metalworking Solutions & Services Group (MSSG) sales increased by 19 percent from the prior year quarter, driven by organic growth of 13 percent and favorable foreign currency effects of 6 percent. Sequentially, sales increased by 12 percent as global industrial production continued to improve in all regions. This represents the third consecutive quarter of sequential sales growth for MSSG.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
