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.