Kennametal fiscal 2018 sales up 15 percent
Kennametal announced sales for fiscal 2018 were $2.36 billion, compared with $2.05 billion last year.
Sales increased by 15 percent, driven by organic sales growth of 12 percent and favorable currency exchange of 4 percent, partially offset by a 1 percent decrease due to fewer business days.
Net income of $200.2 million, or $2.42 per diluted share, compared to income of $49.1 million, or 61 cents, in fiscal 2017.
Sales in the fourth quarter of $646 million compared with $565 million in the same quarter last year. Sales increased by 14 percent, driven by 10 percent organic growth, 3 percent favorable currency exchange impact and a 1 percent increase due to more business days.
Net income of $69 million for the quarter, or 87 cents per share, compared with $25 million, or 56 cents, in the prior year quarter.
Widia sales of $53 million increased 12 percent from $47 million in the prior year quarter, driven by organic growth of 9 percent, favorable currency exchange of 2 percent and a 1 percent increase due to more business days.