Kennametal Inc., Latrobe, PA, reported that sales in the first half of 2008 were $1.3 billion, up 14% from the same period a year ago. Organic growth was 3%. Income from continuing operations was up 35% to $85 million.
Sales for the second quarter were $647 million, up 14% from the prior year. Organic growth was 2%. Income from continuing operations was $50 million, up 49%.
Metalworking Solutions and Services Group sales were up 16%, 4% of which was organic growth. India and Asia-Pacific organic growth was 15% and 11% respectively. Latin America organic sales were up 9% and Europe organic growth was 6%.
North America sales fell 2%.
Advanced Materials Solutions Group sales increased during the latest quarter, driven by the effects of acquisitions and favorable foreign currency effects. Organic sales were lower due to softness in certain markets.
AMSG sales increased by 9% overall. Organic sales declined by 3% on lower sales of energy products and surface finishing machines and services, offset partially by higher construction, mining and engineered product sales.