Kaman: Profits Decline In Second Quarter

Kaman Corp. posted lower second-quarter profits Thursday due to acquisition costs and in comparison with the same period last year when the Bloomfield aerospace and industrial systems manufacturer reported a tax benefit. Net earnings of $16.5 million were down 24 percent. Analysts surveyed by Bloomberg expected adjusted net income for the quarter ended July 1 at $17.8 million. Per-share earnings of 64 cents matched Wall Street estimates. Revenue of $470.6 million was up 5 percent from the year-ago period and exceeded estimates of analysts surveyed by Bloomberg. Net earnings were lower due largely to a $4.4 million tax benefit in 2015 and $1.5 million in acquisition-related costs, Kaman said. Aerospace sales increased more than 25 percent, helped by foreign military sales of the joint programmable fuze, a device designed to allow for settings of weapons to be programmed in flight. Acquisitions from last year contributed $18.1 million in sales for the quarter. The businesses are being integrated and Kaman said it expects the acquisitions to add to per-share earnings in the second half of the year. Citing market weakness, Kaman cut the top end of its sales range in its distribution segment by $15 million, to $1.15 billion. The industrial technologies business makes bearings, mechanical and electrical power transmission, automation and control and other systems.