Kaman Earnings Below Expectations

Resource from: Hartford Courant Likes:256

Nov 02,2012

Kaman Corp.'s income in the third quarter was $24.4 million, up from $19.2 million in the same quarter last year. Profitability, however, slipped slightly, from 16.3 percent to 16.1 percent, because the sales shifted from higher-margin unmanned helicopters and Black Hawk cockpits to bearings, fuses and helicopter aftermarket orders. In its filing after the stock market closed Wednesday, Kaman reported 56 cents earnings per share, compared with 49 cents per share in the third quarter of 2011. Earnings were reduced by one-time charges including $600,000 in severance costs. "While significantly stronger than last year, our results for the quarter were slightly below expectations," Chief Financial Officer William C. Denninger said. He added that the company expects defense spending to continue to slow, and as a result, the company lowered its sales and margins outlooks for the full year. The stock sold for $37.20 in after-hours trading, up $1.17 from its price at close, before the release — a 3.25 percent increase.

(Hartford Courant)

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