By Kari Williamson
Sales for the period amounted to US$641.7m, up 13% on the same period ending December 2010.
Carlos Cardoso, Chairman, President and CEO, says: “Kennametal again delivered strong results for the December quarter. These results are attributable to the successful implementation of our strategies to outperform industrial production and improve our market position.
“Organic sales grew by 14% year on year, which reflects ongoing customer demand even with strong comparisons from the prior year quarter. Our profitability remains at a high level and we achieved an all-time historical record return on invested capital.”
Outlook
Kennametal expects moderate expansion in industrial production for the full year 2012. Organic growth is expected to be in the range of 10-12%, and total sales guidance has been increased to 10-12% (previously 9-11%).
Kennametal is currently in the process of acquiring Deloro Stellite Group from Duke Street Capital for around €227m.