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Updated 3 hours ago
Industrial toolmaker Kennametal Inc. on Wednesday posted a net income of $7.9 million, or 9 cents a share, in the quarter ending Dec. 31, compared to a loss of $168.8 million, or $2.12 per share, in the same quarter in 2015.
Pittsburgh-based Kennametal, in the midst of a restructuring projected to save $100 million while cutting 1,000 jobs, saw sales drop 7 percent to $488 million in the second quarter of its 2017 fiscal year, from $524 million in the same quarter of its 2016 fiscal year. The company said the sales reflected a 6 percent decline because of divestiture. The drop in sales was partially offset by a 2 percent organic growth.
The second quarter results included restructuring and related charges of 13 cents per share.
The results reflect positive performance from the company's growth and cost reduction ininitiatives, CEO Ronald De Feo said.
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