Adjusted income of $11.2M, or $0.14 per share vs. $0.56 per share, in the prior year quarter.
Revenue by segment: Industrial -17; Infrastructure -24%.
Kennametal (KMT -6.5%) announced the sale of several businesses related to certain castings, steel-plate fabrication and deburring for an aggregate price of $70M in cash, and will use the proceeds to pay down its debt.
Due to continuing challenges in a number of end markets, the company lowered its outlook for 2016 and now expects total sales to decline in the range of 10% to 14% and organic sales to decline in the range of 6% to 10%. Consolidated adjusted EPS is expected to be in a range of $1.50-$1.70.
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