Kennametal sees Q3 sales decline of 19 percent
Kennametal said its fiscal 2020 third-quarter sales of $483 million decreased 19 percent from $597 million in the prior year quarter.
The decline reflected 17 percent organic sales decline, 1 percent unfavorable currency exchange effect and 1 percent decline from divestiture.
Net income of $2.9 million, or 3 cents per diluted share, was down from $68.5 million, or 82 cents, in last year's third quarter.
"Kennametal is considered an essential business by governments around the world, so we have kept almost all of our production facilities open and serving customers throughout this crisis. We ended the quarter with a strong liquidity position that will allow us to manage the uncertain times created by COVID-19 and continue to execute on our simplification/modernization strategy," said Christopher Rossi, president and CEO.
Industrial sales of $261 million decreased 18 percent from $319 million year-over-year, including an organic sales decline of 17 percent.
Widia sales of $43 million decreased 16 percent from $51 million year-over-year, driven by organic sales decline of 16 percent.
Infrastructure sales of $180 million decreased 21 percent from $228 million year-over-year, driven by organic sales decline of 17 percent.
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