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April 30, 2015

Distribution sales buoy Kaman's 1Q profits

Kaman website Kaman's headquarters.

Surging distribution segment sales helped push Bloomfield manufacturer Kaman’s profits up a percentage point in the first quarter.

Kaman reported net income of $12.7 million, or 46 cents per diluted share, up from $11.5 million, or 42 cents, in the year-ago quarter.

Net sales grew 8.5 percent, to $442.8 million. That boost came from the company’s distribution segment, which grew sales more than 20 percent, to a record $311 million. The contributions stemmed from both organic growth and the company recent acquisition of B.W. Rogers, which distributes Parker Hannifin motion and control products.

Meanwhile, sales in Kaman’s aerospace business fell nearly 12 percent, to $131.3 million, on lower volume in its legacy fuze and joint programmable fuze programs.

Kaman lowered its 2015 aerospace sales outlook to a range of $625 million to $645 million from a previous range of $635 million to $655 million. It affirmed its previous distribution outlook of $1.25 billion to $1.28 billion.

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