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Industrial tool manufacturer Kennametal Inc. (NYSE: KMT), Latrobe, PA, reported sales for the fiscal year 2014 of $2.8 billion, a 9.6 percent increase over fiscal 2013. Profit decreased 22.2 percent to $158.4 million.
Fourth-quarter sales increased 15.1 percent year-over-year to $772.2 million. Profit decreased 25.3 percent to $45.5 million.The 15.1 percent increase in sales reflected an 11 percent increase from the TMB acquisition and 5 percent from organic growth, partially offset by a 1 percent decrease from fewer business days.
"During the June quarter, we saw accelerating growth and ongoing strength in our served industrial markets; however, certain sectors are still challenging," said Carlos Cardoso, president and CEO.
Fourth-quarter industrial segment sales increased 14.6 percent year-over-year to $415.5 million. Infrastructure segment sales increased 15.5 percent to $356.7 million.