Posted May 6, 2019

Kennametal sales decline 2 percent

Kennametal Inc. said sales of $597 million for its fiscal 2019 third quarter decreased 2 percent from $608 million year-over-year.

Net income of $68.5 million, or 82 cents per diluted share, improved from $50.8 million, or 61 cents, in last year's third quarter.

"We delivered organic sales growth in every business segment, on increasingly tougher comparables, and end markets remained generally positive except for automotive," said Chris Rossi, president and chief executive officer.

Industrial sales of $319 million decreased 4 percent from $333 million year-over-year.

Widia sales of $51 million decreased 2 percent from $52 million year-over-year.

The company also said the next phase of its simplification /modernization initiative are expected to reduce structural costs and are currently estimated to achieve $35-$40 million of annualized savings by the end of fiscal 2020.