Kaman Corp Q1 Profit Declines
Resource from: CBCC Likes:2956
May 12,2009
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%.
()
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
