Kennametal sales decline 2 percent
Kennametal Inc. said sales of $597 million for its fiscal 2019 third quarter decreased 2 percent from $608 million year-over-year.
Net income of $68.5 million, or 82 cents per diluted share, improved from $50.8 million, or 61 cents, in last year's third quarter.
"We delivered organic sales growth in every business segment, on increasingly tougher comparables, and end markets remained generally positive except for automotive," said Chris Rossi, president and chief executive officer.
Industrial sales of $319 million decreased 4 percent from $333 million year-over-year.
Widia sales of $51 million decreased 2 percent from $52 million year-over-year.
The company also said the next phase of its simplification /modernization initiative are expected to reduce structural costs and are currently estimated to achieve $35-$40 million of annualized savings by the end of fiscal 2020.
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.
