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Industrial tool manufacturer Kennametal Inc. (NYSE: KMT), Latrobe, PA, reported sales for the fiscal third quarter ended March 31 of $755.2 million, a 15.2 percent increase year-over-year. Profit decreased 5.6 percent to $50.9 million.
For the first nine months of the year, sales increased 7.7 percent from the prior-year period to $2.1 billion. Net income decreased 20.7 percent to $112.9 million.
"We delivered solid results in the March quarter," said Carlos Cardoso, president and CEO. "We continued to experience growth in industrial markets such as general engineering and transportation. Customer demand related to our served infrastructure markets have stabilized in certain areas, but remain somewhat mixed."
The third-quarter sales increase of 15 percent reflected a 12 percent increase from the Tungsten Materials Business acquisition, a 3 percent organic increase and a 1 percent increase from more business days, partially offset by a 1 percent decrease from unfavorable currency exchange.
Third-quarter industrial segment sales increased 13 percent year-over-year to $399.7 million. Infrastructure segment sales increased 18 percent to $355.6 million.