Posted January 27, 2011
Kennametal sales climb
Kennametal reported fiscal 2011 second quarter sales of $566 million, compared with $443 million in the same quarter last year.
The Latrobe, Pa.-based metalworking manufacturer said its net income was $43.4 million, compared to $5.9 million in the same quarter last year.
Industrial segment sales of $369 million improved by 33 percent from $278 million in the prior year quarter. On an organic basis, sales increased in most served market sectors led by strong growth in general engineering and transportation sales of 49 percent and 36 percent, respectively. On a regional basis, sales increased by approximately 48 percent in Asia, 34 percent in Europe and 31 percent in the Americas.
"The business environment continues to reflect improvement on a worldwide basis, and sales volumes remain strong. We expect to continue to benefit from a steady industrial recovery, with gradual but sustainable growth in the overall macro environment," said Carlos Cardoso, Kennametal's chairman, president and CEO.
For the first six months, sales were $1.0 billion, compared with $852 million in the same period last year.
