State comes out on top in building biotech

Pennsylvania ranked No. 1 for overall strength in building its biotechnology business in 2007, according to a Business Facilities magazine study. The state invested $150 million in bioscience research funding, the magazine said, which helped it leapfrog at least 10 spots. A separate Green Cities study by the same magazine put Pittsburgh in a three-way tie for third with 26 LEED-certified projects, behind Chicago and Seattle with 40 and Portland, Ore., with 37.

Kennametal sees weakness ahead, posts lower profit

Kennametal reported lower earnings for its fourth quarter and all of its last fiscal year and forecast softer conditions in North America, Europe and India in the months ahead. Net income for the quarter ended June 30 totaled $59.6 million, or 77 cents per diluted share, down 4 percent from $62.1 million, or 79 cents per diluted share, in the year-ago quarter. Sales jumped 15 percent to $753 million. For the fiscal year, the Latrobe tool maker reported earnings of $167.8 million, or $2.15 per share, vs. $174.2 million, or $2.22 per share, in the prior fiscal year.

Federal Investors posts 5 percent rise in profits

Federated Investors said second-quarter profits rose 5 percent on a 12 percent increase in revenue. The Downtown investment manager reported net income of $58 million, or 58 cents per diluted share, on revenue of $310.3 million, vs. $55.3 million, or 54 cents, and revenue of $276.5 million in 2007's second quarter. The results fell shy of the 60-cents-per-share analyst forecast and included a gain of $2.8 million, or 3 cents per share, from discontinued operations. Assets under management totaled $333.5 billion, up 28 percent from the year-ago quarter but down 1 percent from first-quarter levels.

Universal Stainless earnings fall 10 percent

Universal Stainless & Alloy Products said second-quarter earnings fell 10 percent despite a 2 percent increase in sales. The Bridgeville specialty steelmaker's net income totaled $5.3 million, or 77 cents per diluted share, on sales of $63.5 million, vs. earnings of $5.9 million, or 87 cents per share, and sales of $62.1 million in the year-ago quarter. The results were slightly better than the company's forecasted earnings of 70 cents to 75 cents per share. A lower tax rate for the quarter boosted per-share earnings by 2 cents. Excluding that benefit, the earnings were in line with analyst estimates. Universal expects third-quarter earnings of 78 cents to 83 cents per share on sales of $60 million to $65 million.

Local earnings reports

Wesco International Inc. said second-quarter net income rose to $60.1 million, or $1.38 a share, from $59.6 million, or $1.22, a year ago. Per-share earnings for the most recent quarter bested Wall Street estimates by 2 cents a share. Sales rose 4.6 percent to $1.59 billion from $1.52 billion a year ago.

L.B. Foster Co. reported second-quarter net income that rose 12 percent on net sales that increased by about 13 percent. The manufacturer and distributor of products for the rail and construction industries said it earned $7.7 million, or 69 cents per diluted share, vs. $6.8 million, or 63 cents, a year ago. Analsyts had forecast earnings of 63 cents a share. Sales fell to $129.8 million from $148.5 million a year ago.