Kennametal Inc. (NYSE: KMT), Latrobe, PA, reported sales for the fiscal third quarter of $639 million, a 15.4 percent decrease year-over-year, with a 9 percent organic decline. The company reported a loss of $46.2 million, compared to a profit of $50.9 million in the prior year quarter.
Industrial segment sales of $354.8 million decreased 11.2 percent from the prior year quarter while infrastructure segment sales decreased 20.1 percent to $284.2 million.
Year-to-date, Kennametal reported sales of $2 billion, down 2.7 percent from the same period a year ago. The company reported a loss of $395 million, as compared to a profit of $112.9 million in the first nine months of fiscal 2014.
"Progress on our accelerated cost reduction measures facilitated better than expected performance for the March quarter," said Don Nolan, president and CEO. "However, it was necessary to record an additional impairment charge due to a continued decline in the end market outlook related to our Infrastructure Segment."
