Industrial tool manufacturer Kennametal Inc. (NYSE: KMT), Latrobe, PA, reported sales for fiscal year 2015 of $2.6 billion, a 6.7 percent decrease over fiscal 2014. The company posted a loss of $373.9 million, compared to a profit of $158.4 million a year ago.
Fourth-quarter sales decreased 17.4 percent year-over-year to $637.7 million. Profit decreased 53.5 percent to $21.1 million.
Fourth-quarter industrial segment sales of $358 million decreased 14 percent from the prior-year quarter due to unfavorable currency exchange of 10 percent, organic sales decline of 4 percent and prior year divestiture of 1 percent, partially offset by an increase of 1 percent due to more business days.
"In a challenging market environment, our efforts to lower costs, improve efficiencies and generate higher cash flows are having a favorable impact," said Kennametal President and CEO Don Nolan. "As we move ahead, we will remain focused on aligning our cost structure, expanding margins and investing in core growth opportunities."
