The 2020 Mid-Year Economic Update_long

Kennametal Sales Down 15.4% in 3Q

Year-to-date sales down 2.7 percent.

Kennametal Inc. (NYSE: KMT), Latrobe, PA, reported sales for the fiscal third quarter of $639 million, a 15.4 percent decrease year-over-year, with a 9 percent organic decline. The company reported a loss of $46.2 million, compared to a profit of $50.9 million in the prior year quarter.

Industrial segment sales of $354.8 million decreased 11.2 percent from the prior year quarter while infrastructure segment sales decreased 20.1 percent to $284.2 million.

Year-to-date, Kennametal reported sales of $2 billion, down 2.7 percent from the same period a year ago. The company reported a loss of $395 million, as compared to a profit of $112.9 million in the first nine months of fiscal 2014.

"Progress on our accelerated cost reduction measures facilitated better than expected performance for the March quarter," said Don Nolan, president and CEO. "However, it was necessary to record an additional impairment charge due to a continued decline in the end market outlook related to our Infrastructure Segment."

About the Author
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

By subscribing, you are agreeing to MDM’s Privacy Policy.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

0

articles left

This is your last free article

Subscribe to MDM Premium today and get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.