Operating income was US$59 million, compared with US$64 million.

"Due to our company-specific initiatives, Kennametal again delivered solid profitability this quarter even with persistent macroeconomic uncertainties," said Kennametal chairman, president and CEO Carlos Cardoso.  "More importantly, as the economic climate shows signs of improvement, we will accelerate our growth strategies to maximize revenues and earnings, as well as maintain our ongoing cost discipline."

"Also, our recently announced agreement to acquire ATI's tungsten materials business will provide excellent growth opportunities. This represents a winning business combination that enhances our talent base, provides complementary strategic assets and further balances our portfolio."

Kennametal said that it now expects fiscal 2014 sales growth in the range of 5 to 7%, with organic sales growth ranging from 4 to 6%. Previously, the company had forecast total sales growth ranging from 4 to 6%with organic sales growth of 5 to 7%.

The company still expects to generate cash flow from operations between US$330 million and US$380 million for fiscal 2014.