Kaman Corp. posted lower fiscal first-quarter profit despite higher sales, including record performance for the Bloomfield manufacturer's distribution of bearings and other parts to the booming U.S. oilpatch.
For three months ended March 30, Kaman's profit was $17.2 million, or 36 cents a fully diluted share, down from $24.6 million, or 47 cents a share, earned the comparable quarter last year.
First-quarter revenues rose to $388.7 million vs. $377.8 million a year ago.
Chairman and CEO Neal J. Keating said the first-quarter was a mixed bag for Kaman. While industrial distribution sales set a record and operating profit rose, aerospace revenues were down, partly due to fewer Black Hawk helicopter cockpit deliveries to Stratford's Sikorsky Aircraft Corp. and less work on its K-Max military-drone cargo helicopter.
In addition, Kaman saw a return of testing woes tied to deliveries of its joint programmable fuzes to U.S. and allied air forces. The fuzes arm warplanes' bombloads.
Still, Kaman booked $156 million in new aerospace orders in the quarter, pushing that backlog to $557 million.