Kennametal sales decline
Kennametal said its fiscal 2013 first quarter sales declined by 4 percent to $629 million, compared with $659 million in the same quarter last year.
Net income of $46.4 million, or 57 cents per share, compared to $72 million, or 88 cents per share, in the same quarter last year.
Industrial segment sales of $353 million declined 15 percent from $418 million in the prior year quarter. On an organic basis, sales declined 15 percent in general engineering and 1 percent in transportation, while aerospace and defense sales grew 7 percent. On a regional basis, sales declined approximately 13 percent in the Americas, 7 percent in Europe and 1 percent in Asia.
"Although the company expects near-term challenges in the macro environment fueled by global uncertainty, the underlying fundamentals suggest a resumption of growth in the industrial sector during the second half of fiscal 2013, especially in the United States and Asia," according to a prepared statement.
In response to the slowing macro environment, Kennametal has lowered its fiscal 2013 total sales growth range to 3 to 6 percent.
INDUSTRIAL SUPPLY MAGAZINE
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