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August 1, 2019

Kaman’s 2Q net, sales lower

Photo | Kaman Corp. A Kaman worker configuring a bomb fuze.

Bloomfield aero- and industrial-parts maker Kaman Corp. posted a decline in second-quarter profits on flat sales.

For three months ended June 30, Kaman said it recorded net income of $13.5 million, or 48 cents a diluted share, down from $15.1 million, or 53 cents a share, netted the same quarter a year ago.

Second-quarter sales were $174.7 million vs. $178.6 million a year earlier.

Chairman and CEO Neal J. Keating blamed the sales dip on unfavorable foreign-exchange rates and the loss of revenue from its aerospace business sold in 2018.

In June, Kaman agreed to sell its distribution business for $700 million to affiliates of Littlejohn & Co., a deal set to close in the third quarter.

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