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Kennametal Third Quarter Sales Up 15%

Kennametal Inc. (NYSE: KMT), Latrobe, PA, reported third-quarter sales of $608 million, up 15 percent from $529 million in the same period a year ago. Operating income was $85 million, compared to $58 million in the prior-year quarter. Net income was $51 million, up from $39 million in 3Q 2017.

Industrial sales of $333 million increased 15 percent from $289 million in the prior year quarter, reflecting organic sales growth of 10 percent and an 8 percent favorable currency exchange impact, partially offset by a 3 percent decrease due to fewer business days.

Widia operating income was $2 million compared to $1 million in the prior year quarter. The increase was due primarily to organic sales growth, partially offset by slightly unfavorable mix. Widia operating margin was 3.1 percent compared with 1.3 percent in the prior year quarter. Widia adjusted operating margin was 3.2 percent compared with 2.3 percent in the prior year quarter.

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