Kennametal 2Q Organic Sales Fall 3% - Modern Distribution Management

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Kennametal 2Q Organic Sales Fall 3%

The results showed a continued slide in year-over-year and sequential sales growth that reflected an industry-wide demand slowdown.
Kennametal Inc. (NYSE: KMT) announced today the election of Paul Sternlieb to its board of directors, effective January 1, 2023. Sternlieb is currently the President and CEO of Enerpac Tool Group, a premier industrial tools and services company.

Kennametal reported its 2024 fiscal second quarter results on Feb. 7 for the period covering Oct. 1 through Dec. 31, 2023, which showed a continued slide in year-over-year and sequential sales growth that aligned with industry-wide sentiment of a demand slowdown.

Metalworking and tooling products manufacturer posted 2Q24 total sales of $495 million, which were flat year-over-year and down 3% on an organic basis, offset by a +2% impact of additional business days and a 1% favorable currency exchange impact.

That year-over-year sales performance compares with flat overall and organic sales in 1Q24, and +4% overall/+7% organic in 4Q23.

By Kennametal business unit in 2Q24

  • Metal Cutting sales of $311 million increased 4% year-over-year, with flat organic growth.
  • Infrastructure sales of $184 million decreased 7% year-over-year, with organic sales down 8%.

Kennametal’s 2Q24 operating profit was $28 million on 5.7% margin, compared with $35 million and 7.1% margin a year earlier. 2Q24 net profit of $24 million, up 6.1% year-over-year.

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