Kennametal Inc has reported results for the 2016 fiscal third quarter ended 31 March 2016. Sales were US$498 million, compared with US$639 million in the same quarter last year. This was a decrease of 22%, reflecting a 10% decline due to divestiture, an 8% organic decline and a 4% unfavorable currency exchange impact, the company said. Operating income was US$27 million, compared with an operating loss of US$120 million in the same quarter last year.

‘Kennametal's third quarter performance reflects progress from operating results in a challenging environment, and benefited from a favorable tax rate,’ said Ron De Feo, Kennametal president and CEO. 'We have a lot of improvement opportunities within Kennametal to simplify operations, lower costs and drive margin improvements over time. We need to be more customer responsive and grow market share with innovation, entrepreneurship and speed – all things we are working on and plan to discuss with the investment community in the future.’

This story uses material from Kennametal, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.