Kennametal sales up 14 percent
Kennametal Inc. posted first quarter 2018 sales of $542 million, compared with $477 million in the same quarter last year.
Sales increased by 14 percent, driven by 13 percent organic growth and a 2 percent favorable currency exchange impact, partially offset by a 1 percent decrease due to fewer business days.
Earnings per diluted share of 48 cents compared with a loss of 27 cents in the prior year quarter.
"Kennametal's performance in the first quarter of fiscal year 2018 surpassed our expectations in almost every measure," said Chris Rossi, Kennametal president and CEO. "Year-over-year, we saw sales growth in the quarter in all business segments, regions and end markets. Adjusted operating margin improved significantly by 700 basis points to 11.7 percent, reflecting substantial improvement in both gross margin and operating expense as a percentage of sales."
Widia segment sales of $45 million increased 10 percent from $41 million in the prior year quarter, driven by organic growth of 9 percent and a 1 percent favorable currency exchange impact.
Industrial segment sales of $297 million increased 11 percent from $269 million in the prior year quarter, reflecting organic growth of 9 percent and a 2 percent favorable currency exchange impact.
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.
