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December 11, 2012
10:50 EDTKMTKennametal reports orders down 2% for three months ended November
Kennametal reported orders for the 3 months ended November 30, stating that consolidated orders on a reported basis decreased by 2% compared with the prior year. Organic growth was 8% lower than the prior year period in local currency terms. In addition, the orders rates continue to reflect an unfavorable effect from foreign currency exchange, the company said. In November, Kennametalís order rates reflected a decrease from prior year levels, as order rates for the Industrial segment declined, primarily due to ongoing weakness in general engineering and transportation sectors, partially offset by continuing growth in the aerospace industry. On a year-over-year basis, the Infrastructure segment reported lower activity in both its energy and earthworks markets. Orders activity benefited from acquisition growth related to the Stellite business, the company said.
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