Manufacturer earnings reports
Industrial supply manufacturers including Kennametal and 3M reported record sales and earnings for the latest quarter.
Kennametal sales up 14%
Kennametal Inc. reported record fiscal 2012 second quarter income of $94 million, 91 cents per share, compared with $62 million, or 52 cents per share, in the same quarter last year.
Sales were $642 million, compared with $566 million in the same quarter last year. Sales increased primarily as a result of organic growth of 14 percent.
Industrial segment sales of $410 million increased by 11 percent, driven by organic growth. Sales increased in all served market sectors led by growth in aerospace and defense of 16 percent, general engineering of 12 percent and a 7 percent increase in transportation. On a regional basis, sales increased by approximately 15 percent in the Americas, 13 percent in Europe and 1 percent in Asia.
Infrastructure segment sales of $232 million increased 18 percent, driven by 19 percent organic growth. The organic increase was driven by 25 percent higher sales of energy and related products, as well as a 15 percent increase in demand for earthworks products. On a regional basis, sales increased by approximately 34 percent in Asia, 16 percent in the Americas and 10 percent in Europe.
3M sales improve by 5.7%
3M reported record fourth-quarter sales of $7.1 billion, up 5.7 percent year-on-year. Earnings were $1.35 per share, an increase of 5.5 percent versus the fourth quarter of 2010.
Sales growth was strongest in Industrial and Transportation segment at 14.3 percent ($2.4 billion), with double-digit increases in abrasives, aerospace, industrial adhesives and tapes.
Sales in the Safety, Security and Protection Services segment grew by 9.4 percent ($927 million), fueled by double-digit growth in security systems and personal safety products.
For the full year 2011, 3M posted sales of $29.6 billion, up 11.1 percent. Five of the company's six business segments posted growth for the year, led by Industrial and Transportation at 19.5 percent and Safety, Security and Protection Services at 15.2 percent.
Precision Castparts posts record earnings
In the third quarter of fiscal 2012, Precision Castparts Corp sales grew by 14 percent year over year, generating $1.8 billion of sales compared to $1.6 billion a year ago. The Portland, Ore.-based company reported net income of $308.2 million, or $2.12 per share, compared to $258.7 million, or $1.80 per share, in the same period last year.
Total third quarter sales for Fastener Products grew by 35 percent over the same period a year ago, producing $463.2 million of sales compared to sales of $344.1 million in the prior year.
Rockwell Automation sales up 8%
Rockwell Automation reported fiscal 2012 first quarter sales of $1.4 billion, up 8 percent from $1.3 billion in the first quarter of fiscal 2011. Net income was $183.3 million ($1.27 per share) compared to $150.1 million ($1.04 per share) last year, an increase of 22 percent on a per-share basis.
Architecture & Software fiscal 2012 first quarter sales were $650.5 million, an increase of 6 percent from $613.9 million last year.
Control Products & Solutions fiscal 2012 first quarter sales were $823.4 million, an increase of 10 percent from $751.9 million last year.
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.
