Kennametal sales decline
Kennametal reported sales for fiscal first-quarter 2014 declined by 2 percent to $620 million, compared with $629 million in the same quarter last year.
Net income of $37.8 million, or 48 cents per share, compared to $46.4 million, or 57 cents per share, in the same period last year.
Industrial segment sales of $338 million increased 1 percent from $335 million in the prior year quarter, driven by gains in general engineering, transportation and energy, partially offset by a 2 percent decline in aerospace and defense.
Infrastructure segment sales of $282 million declined 4 percent from $294 million in the prior year. Sales declined in earthworks markets, energy and transportation.
Kennametal refined its full-year outlook due to a slower than anticipated recovery in the company's served end markets globally in underground mining as well as oil and gas markets. However, the company notes that its order rates have reflected increased activity, primarily in its industrial end markets and distribution channels.
The company now expects fiscal 2014 sales growth in the range of 5 to 7 percent, with organic sales growth ranging from 4 to 6 percent. Previously, the company had forecast total sales growth ranging from 4 to 6 percent with organic sales growth of 5 to 7 percent.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
