News / Kaman Earnings Rise, Beat Wall Street Estimates
Date: 2013-08-02
Kaman Earnings Rise, Beat Wall Street Estimates
Earnings at Bloomfield-based Kaman Corp. rose 8.5 percent in the second quarter, ending June 28, the company said Monday.
The aerospace manufacturer and distribution firm reported net earnings of $17.9 million, or 67 cents per diluted share, up from the same quarter last year when the company made $16.5 million, or 62 cents per diluted share.
"We achieved strong overall results for the second quarter led by the performance at Aerospace and the sequential improvement in operating profit at Distribution," Neal J. Keating, the company's chief executive, said in a written statement.
Sales increased 7.9 percent in the quarter, to $431.7 million, from $400.2 million last year. The company posted revenue increase in both its Aerospace and Industrial Distribution segments.
The marks bested estimates from Wall Street, which expected to see earnings at 59 cents per share and sales at $423.5 million for the quarter.
Kaman raised the lower end of its 2013 sales target for its Distribution division for the year from $1.08 billion to $1.10 billion.
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