Kennametal delivered solid results in the March 2014 quarter and continued to experience growth in industrial markets such as general engineering and transportation, stated Carlos Cardoso Chairman, President and CEO.
Sales for the fiscal third quarter 2014 were $755 million, compared with $655 million in the same quarter last year, an increase of 15%. Its Tungsten Materials Business (TMS) contributed $78 million to quarter sales.
Fiscal year-to-date sales increased by 8% to $2,065 million with operating income at $185 million. The company now expects fiscal 2014 total sales growth in the range of 10 to 11%. TMB is estimated to contribute 7 to 8% sales growth with organic sales growth projected to range from 2 to 3%.
Cardoso added that the integration of its Tungsten Materials Business (TMS) is on-track to deliver key objectives. “The related restructuring actions are expected to result in productivity improvements as well as significant cost savings. We remain dedicated to building on our respective strengths to bring even greater value for the combined entity,” he said.