Kennametal Inc said it aims to double its revenue by 2017 through acquisitions, new products, expansion in emerging economies, and growth in its industrial markets, and the tool maker affirmed its 2013 sales and profit forecasts."We have a very clear path of doubling our revenue in the next five years," Chief Executive Carlos Cardoso told an investor conference on Wednesday.Latrobe, Pennsylvania-based Kennametal, is often considered a proxy for global industrial production, more than larger, more diversified manufacturers.The company, with fiscal 2012 sales of $2.65 billion, said it was targeting 2017 revenue of $5 billion to $6 billion. It cited expected growth in aerospace, transportation and engineering markets. It aims for 30 percent of sales coming from Asian markets within five years, up from about 17 percent now.
Kennametal Inc. (Kennametal), incorporated in 1943, is a supplier of tooling, engineered components and advanced materials consumed in production processes. Shares of KMT traded higher by 1.4% or $0.54/share to $39.08. In the past year, the shares have traded as low as $29.30 and as high as $47.82. On average, 723922 shares of KMT exchange hands on a given day and today's volume is recorded at 520543.
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