Kennedy Cardoso, CEO of Kennametal Inc., recently said at the company's annual meeting that the company is optimistic about the industrial tooling market in the first half of 2010 and believes that market conditions "may be moderate Improvements, especially in countries that have adopted strong economic stimulus plans. He believes that the company should "achieve higher profit targets when the industry improves."
Although Kenner believes that the recession has bottomed out, Cardoso said, "The huge scale of the recession makes us very cautious in predicting the speed and intensity of the economic recovery." At present, industrial orders have increased slightly. Cardoso expects that the auto industry will experience a certain degree of recovery.
Cardoso said that like many other companies, Kenner suffered losses in the global economic downturn and financial market collapse. In fiscal year 2009, which ended on June 30, Kenner’s sales revenue was close to $2 billion, with a loss of $119.7 million (an average of $1.64 per share). In contrast, in fiscal 2008, Kenner's sales revenue reached $2.6 billion, with a profit of $167.7 million (an average of $2.15 per share).
Cardoso said that Kenner has benefited from the economic stimulus plan of the government (especially other governments). In China, the government’s stimulus package has been introduced for less than a month, which has led to an increase in tool spending in the country. In the United States, an estimated $100 million in investments to improve highways and other infrastructure is beneficial to Kenner's business.
Cardoso said it would also help the company to reduce the annual fixed cost by $125 million. The company also used some temporary measures to save costs, such as a week of temporary vacations and unpaid leave for the company's 12,000 employees earlier this year.
Kenner plans to announce its sales for the first quarter of fiscal 2010 at the end of October. The company's stock closed at $23.93 per share on October 27, down 79 cents (3.2%).
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