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Kennametal Inc. (NYSE: KMT), Latrobe, PA, reported fiscal 2011 first quarter sales of $529 million, up 29.3 percent from $409 million last year. Organic growth was 34 percent.
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Operating income was $58 million compared with an operating loss of $10 million in the same quarter last year. Profit was $34.9 million for the quarter.
Industrial segment sales of $331 million increased by 33 percent from $248 million in the prior-year quarter, driven by organic growth of 39 percent, partially offset by unfavorable foreign currency effects of 4 percent and an unfavorable impact due to fewer business days. On an organic basis, sales increased in all market sectors lead by growth in general engineering and transportation with an increase of 46 percent and 39 percent, respectively. On a regional basis, sales increased by 40 percent in Asia, 30 percent in the Americas and 22 percent in Europe.
Industrial segment operating income was $36 million compared with an operating loss of $18 million for the same quarter of the prior year.
Infrastructure segment sales of $199 million increased 23 percent from $161 million in the prior year quarter, driven by 25 percent organic growth, slightly offset by unfavorable foreign currency effects and an unfavorable impact due to fewer business days. The organic increase was primarily driven by 46 percent higher sales of energy and related products, as well as increased demand for earthworks products. On a regional basis, sales increased by 40 percent in Asia, 22 percent in the Americas and 13 percent in Europe.
Infrastructure segment operating income was $27 million, compared with $12 million in the same quarter of the prior year.