Kennametal Inc., Latrobe, PA, reported sales for the first six months of fiscal 2007 were $1.1 billion, level with the same period last year. Sales grew 6% on an organic basis, offset by the impact of acquisitions and divestiture of J & L Industrial Supply.
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Sales for the quarter were $569 million compared with $563 million in the same quarter last year. Sales grew 6% on an organic basis.
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Metalworking Solutions & Services Group sales were up 5%, led by year-over-year expansion in the distribution, aerospace and general engineering markets. The North American market continued to moderate (+1%), while conditions in the European market continued to improve (+11%), and Asia Pacific (+6%) and India (+7%) delivered solid growth.
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Advanced Materials Solutions Group sales grew 10% in the quarter, driven by favorable market conditions and the effect of acquisitions. Strong growth in the energy and mining markets continued to contribute to AMSG’s results.
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Energy product sales, including Conforma Clad sales, were up 35%, mining and construction product sales were higher by 8% and engineered product sales increased 2%.
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Outlook
Based on global economic indicators, Kennametal believes that the moderation in the North American market will persist in the near term. The company also believes that the European market will continue on a positive trend, and that business conditions will continue to be strong in developing economies. While there remain some uncertainties and risks related to the macro-economic environment, fundamental drivers for global demand appear to be stable.
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