Kennametal sales rise 14%
Kennametal reported fiscal fourth quarter sales were $739 million, compared with $694 million in the same quarter last year.
The metalworking manufacturer had net income of $86 million for the period, down from the $86.6 million reported last year.
For the full year, sales were $2.7 billion, up 14 percent from $2.4 billion last year. Income for the year was $310 million, compared to $232 million the year before.
"The June quarter represented our 10th consecutive quarter of organic growth, reflecting successful execution of our strategies across the diverse markets and geographies we serve," said chairman, president and chief executive officer Carlos Cardoso.
During the quarter, industrial segment sales of $421 million declined 4 percent from $437 million in the prior year, reflecting 2 percent organic growth offset by 6 percent in unfavorable currency effects.
Infrastructure segment sales of $318 million increased 24 percent from $257 million in the prior year, driven by 26 percent growth from the Stellite acquisition, a global manufacturer and provider of alloy-based critical wear solutions for extreme environments involving high temperature, corrosion and abrasion.
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.
