Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

August 11, 2020

Kaman posts $100K loss for 2Q

Photo | Kaman A Kaman K-MAX helicopter.

Bloomfield aerospace and medical device manufacturer Kaman posted a $100,000 loss in 2020's second quarter, largely a result of the pandemic-induced slowdown in the commercial aerospace sector.

Announcing the company's quarterly earnings to investors, CEO Neal Keating said Kaman's commercial aviation sales were down about 36% from the same period last year, and sales of medical devices dropped about 30% from last quarter. But, he said, defense sales held steady.

"While sales for the quarter were impacted by the economic slowdown caused by COVID-19 across a number of our end markets, we continued to see strength in our defense markets which account for approximately 50% of our sales," Keating said.

Kaman's $100,000 second-quarter loss was a reversal from a $13.5 million, or 48 cents per diluted share, profit in the year-ago period. 

Sales in 2020's second quarter were up nearly 2% to $177.9 million.

Keating also announced Kaman will re-designate its "commercial aerospace" division as "commercial, business & general aviation." The new designation, Keating said, will include a number of aviation-related products Kaman doesn't currently count as commercial aerospace.

"The diversity of our product offerings and the broad range of platforms we support will benefit this portion of our business as we look to the second half of 2020," Keating said.

Sign up for Enews

Related Content


Order a PDF