The 2020 Mid-Year Economic Update_long

Kennametal Sales Up 1.9% in Fiscal 2016

Fourth-quarter sales increased 8.4 percent year-over-year.

Industrial tool manufacturer Kennametal Inc. (NYSE: KMT), Latrobe, PA, reported sales for fiscal 2017 of $2.1 billion, a 1.9 percent decrease over fiscal 2016, with organic sales up 4 percent.

The company posted a profit of $52 million for the year, compared to a loss of $223.9 million a year ago.

Fourth-quarter sales increased 8.4 percent year-over-year to $565 million, with organic sales down 12 percent. The company posted a profit of $25.6 million, compared to a loss of $66.1 million a year ago.

Fourth-quarter industrial segment sales of $300.3 million increased 5 percent from $286 million in the prior year quarter due to organic sales growth of 10 percent.

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