Kaman Corp. lifted third-quarter sales and profits but not enough to satisfy management, who cited slowed shipments of aircraft parts for forcing the Bloomfield manufacturer to throttle back its outlook for the remainder of its operating year.
For three months ended Sept. 30, Kaman netted $15.7 million, or 56 cents a share, up from $13 million, or 49 cents a share, netted a year earlier.
Third-quarter sales were $414.6 million vs. $356.5 million last year.
"While significantly stronger than last year our results for the quarter were slightly below expectations,'' Chief Financial Officer William C. Denninger said.
Chairman and CEO Neal J. Keating said deliveries of its joint programmable fuzes for arming U.S. and allied air forces' bombloads resumed strength in the quarter. Performance in its industrial-parts distribution business, which includes selling oil-industry drilling and production components, also was strong.
Those and deliveries of parts to re-wing the U.S. Air Force's aging fleet of A-10 Thunderbolt ground-attack fighters offset weakened shipments of pre-fab Black Hawk helicopter cockpits and its K-Max cargo helicopter drone, Keating said.
As a result, Kaman lowered its fourth-quarter sales and earnings outlook for its divisions.