Kennametal posts loss on 14 percent sales decline
Kennametal Inc. reported first quarter fiscal 2017 sales of $477 million, compared with $555 million in the same quarter last year.
Sales decreased by 14 percent, reflecting a 9 percent decline due to divestiture, a 3 percent organic decline and a 2 percent unfavorable currency exchange impact.
A net loss of $21.2 million, or 27 cents per share, compared to a net loss of $5.7 million, or 8 cents, in the same quarter last year.
Industrial segment sales of $269 million remained relatively flat compared to $270 million in the prior year quarter, reflecting organic growth of 3 percent, offset by 2 percent unfavorable currency exchange and 1 percent due to divestiture.
The WIDIA segment, selling primarily in the general engineering end market, recorded sales of $41 million, a decrease of 5 percent from $43 million in the prior year quarter due to organic decline of 3 percent, unfavorable currency exchange of 1 percent and a 1 percent decrease due to fewer business days.
Infrastructure segment sales of $167 million decreased 31 percent from $242 million in the prior year quarter.