Kennametal Inc. (NYSE: KMT) has reported that sales in the fiscal third quarter 2012 were $696 million, compared with $615 million in the same quarter last year. Operating income was $103 million compared with $88 million in the same quarter last year.
The company reported that adjusted return on invested capital (ROIC) was 16.9% as of March 31, 2012 and represented a March quarter record. The company generated year to date free operating cash flow of $108 million compared with $100 million in the same period last year.
Carlos Cardoso, Kennametal’s Chairman, President and Chief Executive Officer stated, “The March quarter reflected ongoing global expansion which benefited many of our served end markets and geographies. Organic sales grew by 8% year over year, demonstrating the effectiveness of our strategies to continue to outperform industrial production and further gain market share. We achieved March quarter records in earnings per share and return on invested capital. Our profitability and returns remain at a high level; we are on track to achieve our milestone targets of 15% EBIT margin and 15% ROIC for fiscal year 2012, one year earlier than planned.”
Cardoso added, “During the March quarter, we also completed the closing of our recently announced acquisition of Deloro Stellite. This transaction reinforces our strategy of acquiring technologies that strengthen our core business and further diversify our mix of served end markets. As always, we remain committed to continuing to deliver shareowner value.”
Posted by: Paul Whittaker, Editor ipmd.net, [email protected]