Kennametal reports results, outlook upbeat for coming financial year
August 5, 2013
Kennametal, one of the world’s leading cemented carbide and hard material producers reported that final quarter sales (April to June 2013) were down 9% to $671 million compared with the same quarter last year. This reflected an 8% organic decline and a 1% unfavorable effect from currency exchange. Operating income was $91 million, compared with $117 million in the same quarter last year.
“In the June quarter, and for every quarter during fiscal 2013, Kennametal delivered double-digit profitability despite market challenges. We demonstrated greater agility in this cycle and elevated our financial performance,” said Kennametal Chairman, President and Chief Executive Officer Carlos Cardoso.
For the full financial year ending June 2013 Kennametal reported sales of $2.6 billion, compared with $2.7 billion last year. Operating income for the financial year was $296 million, compared with $416 million in fiscal 2012.
For the fiscal year 2014, Kennametal’s outlook reflects expectations of continued macro-economic improvement, with worldwide industrial production building momentum. The company expects organic sales growth to range from 5 to 7%, and total sales to grow between 4 and 6% in fiscal 2014. This growth rate is expected to outpace global industrial production by more than double through company-specific initiatives.
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