Date: 2013-08-01

Kaman Corp Q1 Profit Declines

Kaman Corp. an industrial components distributor, reported a decline in first-quarter profit despite an increase in sales.

The Bloomfield, Connecticut-based company posted first quarter net earnings of $5.4 million or $0.21 per share, compared to $8.9 million or $0.35 per share in the year-ago period.

On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter were $294.0 million, compared to $285.8 million in the last year quarter.

Sales of Industrial Distribution segment decreased to $176.9 million from $182.2 million a year ago. The decrease was due to the slowing industrial market and uncertain economy that business began experiencing during the fourth quarter of previous fiscal.

Aerospace segment's sales increased to $117.1 million and $103.6 million a year earlier.

Specialty bearings segment sales were $35.8 million in the first quarter, compared to $36.1 million last year, due to a stronger U.S. dollar, lingering effects of the Boeing strike and softening demand in the commercial aerospace market, partially offset by strong military program sales.

Aerostructures segment sales increased to $44.3 million from $28.8 million a year earlier.

Operating income for the quarter under review was $9.40 million, down from $13.78 million in the prior year quarter.

Commenting on the results, Neal Keating, Chairman, President and Chief Executive Officer, said, "Our performance in the first quarter reflects the benefits of our business diversification. Stability in our Aerospace Group, driven by our involvement in secure long-term military programs, helped to counterbalance the challenging conditions facing the industrial distribution marketplace."

KAMN closed Monday's regular trading on the Nasdaq at $17.00, down $0.26 or 1.51%. In after hours, the stock further lost $0.20 or 1.18%.

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