Sales increased by 15%, reflecting an 11% increase from the company’s acquisition of ATI's tungsten material's business and 5% from organic growth. Operating income was US$78 million, compared with US$91 million in 2013.
"During the June quarter, we saw accelerating growth and ongoing strength in our served industrial markets; however, certain sectors are still challenging," said Kennametal chairman, president and CEO Carlos Cardoso. "Although we have yet to realize the full potential of our operating leverage, we continued to elevate our base performance and protect our profitability. Since necessary investments in sales and other customer-facing functions were made in fiscal 2014, we will manage a tighter cost structure as we move ahead.
"We remain pleased with the progress related to the integration of our tungsten materials business, which is currently ahead of schedule. We will continue to manage our business and control what factors we can."
