Kennametal sales climb 15 percent
Boosted by its acquisition of Tungsten Materials Business, Kennametal said its fiscal third quarter 2014 sales climbed 15 percent to $755 million.
That compares to sales of $655 million in the same quarter last year. Net income was $50.8 million, or 64 cents per share, compared to $53.9 million, or 67 cents, in the same period last year.
"We delivered solid results in the March quarter," said Kennametal chairman, president and CEO Carlos Cardoso. "We continued to experience growth in industrial markets such as general engineering and transportation. Customer demand related to our served infrastructure markets have stabilized in certain areas, but remain somewhat mixed. As always, we will stay focused on further improving margins and cash flows."
Cardoso added, "The integration of our Tungsten Materials Business is on-track to deliver key objectives. The related restructuring actions are expected to result in productivity improvements as well as significant cost savings."
Industrial segment sales of $400 million increased 13 percent from $353 million in the prior year quarter.
Year-to-date sales were $2.06 billion, compared with $1.91 billion in the same period last year.
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.
