Kennametal 3Q 2006 Sales Up 6%
Kennametal Inc., Latrobe, PA, reported its third quarter 2006 sales were up 6% to $631 million versus the same period last year. Organic growth was 12%. Net income was $33 million compared with $31 million in the same period last year, up 7%.
Third-quarter performance reflects the impact of previously announced divestitures. Kennametal sold its UK-based high speed steel business, and announced it would sell J& L Industrial Supply to MSC Industrial Direct.
Metalworking Solutions & Services Group sales were up 7% on volume and price, excluding acquisitions, divestitures and foreign exchange. North American cemented carbide and high-speed steel grew 9% and 6% respectively. Europe sales ...