Kennametal Q1 sales up 2 percent
Kennametal said its first-quarter fiscal 2023 sales of $495 million increased 2 percent from $484 million in the prior year quarter.
The increase reflected organic growth of 9 percent, partially offset by an unfavorable currency exchange effect of 7 percent.
Net income of $28.2 million, or 34 cents per diluted share, fell from income of $36.2 million, or 43 cents, in the same period last year.
The decrease in income was due primarily to favorable pricing, higher sales volumes and favorable product mix which were more than offset by higher raw material costs, higher costs, foreign currency exchange headwinds, and temporary supply chain disruptions.
"Our first quarter fiscal 2023 results were in line with expectations, delivering constant currency sales growth in all our end markets and regions from continued execution on our Commercial Excellence initiatives and improvement in customer demand," said Christopher Rossi, president and CEO.
Rossi continued, "Looking ahead, despite macroeconomic uncertainties, we see demand in line with normal seasonal patterns through this fiscal year. Regardless of the exact path the economy takes, however, we remain confident in our proven ability to advance our strategic initiatives and secure market leading positions."
By segment, Metal Cutting sales of $300 million increased 1 percent from $298 million in the prior year quarter. Infrastructure sales of $195 million increased 5 percent from $185 million in the prior year quarter.
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