Kennametal Inc. (NYSE: KMT), Latrobe, PA, reported sales for the second quarter ended Dec. 31 of $524 million, a decrease of 22.4 percent from the previous year. The company reported a loss of $168.8 million, up from a loss of $387.7 million the same quarter a year ago.
"We are clearly operating in an environment where some of our key end markets are under significant pressure," said Don Nolan, president and CEO. "We continue to adjust our global operations to best manage through this challenging time. We are acting quickly in anticipation of continued headwinds in our fiscal year 2016."
Industrial segment sales of $311 million decreased 16 percent from the prior year quarter. On a regional basis sales decreased 15 percent in in the Americas and 14 percent in Asia, offset partially by an increase of 1 percent in Europe.
Infrastructure segment sales of $213 million decreased 30 percent from the prior year. On a regional basis, sales decreased 28 percent in the Americas, 10 percent in Europe and 9 percent in Asia.
Year to date, Kennametal reported sales of $1.1 billion, down 21.2 percent from the same period a year ago. The company reported a loss of $175.5 million, up from a loss of $348.8 million the first six months of fiscal 2015.
