Operating income was US$61 million, compared with US$59 million in the same quarter last year.
"September quarter sales growth was driven by ongoing demand strength in our Industrial segment; however, our infrastructure business was challenged by continued weak conditions in underground mining and road construction, partially offset by modest improvement in the oil and gas sector,” said Carlos Cardoso, Kennametal chairman and CEO. “We are pleased to have made significant progress in integrating the tungsten materials business (TMB), and we are accelerating measures to reduce costs and improve efficiencies that should position Kennametal for improved profitability."
Industrial segment sales of US$378 million increased 12% from US $338 million in the prior year quarter due to increases of 6% from the TMB acquisition, 5% from organic growth and 1% due to favourable currency exchange.