Posted July 28, 2011
Kennametal sales up 29%
Kennametal Inc. reported fiscal 2011 fourth quarter sales of $694 million, an increase of 29 percent compared with $539 million in the same quarter last year.
Sales increased as a result of strong organic growth of 24 percent, despite tougher comparisons to last year, and a 6 percent favorable foreign currency impact, partially offset by the impact of fewer business days.
Operating income was $115 million compared with $61 million in the same quarter last year.
"Kennametal achieved record operating margin, earnings, and return on invested capital. Notably, we achieved these record metrics at a sales level significantly lower than the prior peak. These impressive results clearly show the dedication of our global team who have successfully implemented key strategic initiatives," said chairman, president and chief executive officer Carlos Cardoso.
For the full fiscal year, sales were $2.4 billion, compared with $1.9 billion last year. Sales increased $519 million as a result of strong organic growth of 28 percent. Operating income was $322 million compared with $93 million in the same period last year.
