Kennametal Inc., Latrobe, PA, reported second quarter sales of $569 million, a decrease of 12% from the same quarter a year ago. Profit was $15.7 million, down 68.7%.
For the first six months of fiscal year 2009, sales were down 1.6% to $1.23 billion. Profit was down 39.9% to $51.1 million.
"Kennametal has made solid progress in executing strategies to balance our businesses across served geographies and end markets. However, we are not immune to the rapid and significant global decline in industrial production that has taken place over the past few months," said President and CEO Carlos Cardoso. "As a result, we continue to take actions to reduce our costs and right size our business in line with current economic conditions while minimizing the …
Kennametal 2Q Sales Decline 12%
Kennametal Inc., Latrobe, PA, reported second quarter sales of $569 million, a decrease of 12% from the same quarter a year ago. Profit was $15.7 million, down 68.7%.
For the first six months of fiscal year 2009, sales were down 1.6% to $1.23 billion. Profit was down 39.9% to $51.1 million.
"Kennametal has made solid progress in executing strategies to balance our businesses across served geographies and end markets. However, we are not immune to the rapid and significant global decline in industrial production that has taken place over the past few months," said President and CEO Carlos Cardoso. "As a result, we continue to take actions to reduce our costs and right size our business in line with current economic conditions while minimizing the …
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