Kennametal Inc. (NYSE: KMT), based in Latrobe, Pennsylvania, USA, has announced its fiscal 2015 and fourth-quarter results. Q4 sales were $638 million, compared with $772 million in the same quarter last year. Sales decreased by 17%, reflecting a 10% organic sales decline, a 7% unfavorable currency exchange impact and a 1% decrease from a prior year divestiture, offset partially by a 1% increase due to more business days.
Fiscal 2015 sales were $2,647 million, compared with $2,837 million last year. Sales decreased by 7%, driven by 5% organic sales decline and 4% unfavorable currency exchange, offset partially by 2% net increase from prior year acquisition and divestiture activity.
“Our performance in the June quarter was better than expected on several fronts, driven by progress on our cost reduction measures and significant improvements in working capital management,” said Kennametal President and Chief Executive Officer Don Nolan.
“In a challenging market environment, our efforts to lower costs, improve efficiencies and generate higher cash flows are having a favorable impact. As we move ahead, we will remain focused on aligning our cost structure, expanding margins and investing in core growth opportunities.”