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Posted November 2, 2020

Sales decline 23 percent for Kennametal

Kennametal said its first quarter 2021 sales sales of $400 million decreased 23 percent from $518 million in the prior year quarter.


A net loss of $21.7 million, or a loss of 26 cents per share, compared to earnings of $6.5 million, or income of 8 cents per share, in the same period last year.

"Our first quarter sales outpaced typical seasonal trends, indicating that the economic recovery may be gaining momentum, although still down year-over-year. This is especially true in our General Engineering and Transportation end-markets, which total more than 60 percent of our sales. That said, the exact trajectory of the recovery remains difficult to predict," said Christopher Rossi, president and CEO.

By segment, Metal Cutting sales of $248 million decreased 24 percent from $324 million year-over-year, driven by organic sales decline of 23 percent and a 1 percent unfavorable currency exchange effect.

Infrastructure sales of $152 million decreased 21 percent from $194 million year-over-year, driven by organic sales decline of 18 percent and a 4 percent decline from divestiture, partially offset by a favorable business day effect of 1 percent.

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