July 27, 2012

Despite strong 2Q, Kaman's outlook dims

Kaman Corp.'s fiscal second-quarter sales and profits surged yet the Bloomfield aeroparts maker and industrial distributor say it expects performance at the lower end of its projected range in the second half of the year due to the economy.

For three months ended June 29, Kaman netted $16.5 million, or 62 cents a diluted share, up from $14 million, or 53 cents, netted the comparable period a year ago.

Second-quarter revenue was $405.5 million vs. $385.1 million last year.

Finance chief William C. Denninger said that Kaman's review of full year expectations for all its divisions prompted it to revise downward its 12-month outlook for sales and operating margins.

Among other things, Denninger said, Kaman expects to deliver fewer composite Black Hawk cockpits to former rival Sikorsky Aircraft Corp. in Stratford, and delayed shipments of its drone K-Max helicopter to Marine forces in Afghanistan.

Also, its industrial distribution unit, which Kaman bulked up to include products sold to the oilpatch, is the victim of slower U.S. and global industrial activity, he said.

Kaman Corp.'s fiscal second-quarter sales and profits surged yet the Bloomfield aeroparts maker and industrial distributor forecast now is or the second half of the year to be at the lower end of its projected range, citing a slowing economy.

For three months ended June 29, Kaman netted $16.5 million, or 62 cents a diluted share, up from $14 million, or 53 cents, netted the comparable period a year ago.

Second-quarter revenue was $405.5 million vs. $385.1 million last year.

Finance chief William C. Denninger said that Kaman's review of full year expectations for all its divisions prompted it to revise downward its 12-month outlook for sales and operating margins.

Among other things, Denninger said, Kaman expects to deliver fewer composite Black Hawk cockpits to former rival Sikorsky Aircraft Corp. in Stratford, and delayed shipments of its drone K-Max helicopter to Marine forces in Afghanistan.

Also, its industrial distribution unit, which Kaman bulked up to include products sold to the oilpatch, is the victim of slower U.S. and global industrial activity, he said.

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