Kennametal Inc., Latrobe, PA, reported sales of $2.3 billion in the fiscal year 2006, up 6% versus 2005. Sales for the year include 11 months of J& L Industrial Supply before it was sold to MSC Industrial. Net income was $256 million, up from $119 million in the prior year.
Kennametal reported fourth quarter sales of $612 million, up 3% versus the same quarter last year. Sales in the fourth quarter include two months of J& L Industrial Supply activity prior to selling the business to MSC Industrial.
Net income for the fourth quarter was $164 million, up from $37 million in the prior year fourth quarter.
Fourth quarter results included charges associated with the sale of UK-based high speed steel business (Presto), the sale of Kemmer Praezision electronics business and the previously announced sale of South Deerfield Industrial's consumer retail product line. In addition, fourth quarter results included a gain, net of transaction related costs, from the divestiture of J& L Industrial Supply.
Metalworking Solutions & Services Group sales for the fiscal 2006 were $1.4 billion, up slightly from $1.3 billion last year.
MSSG sales in the fourth quarter were up 6%. North American cemented carbide and high-speed steel grew 10% and 8% respectively. Europe sales were increased 4%. Rest of the world grew 3%.
Advanced Materials Solutions Group sales in fiscal 2006 were $676 million, up from $510 million last year.
AMSG sales in the fourth quarter grew 14%. Energy product sales were up 37%, Conforma Clad sales increased 24%, engineered products grew 12% and mining and construction product sales increased 9%.
For more details on Kennametal's 4Q and year-end results, click here.