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KAMAN REPORTS 2019 SECOND QUARTER RESULTS

Resource from:  https://www.kaman.com Likes:112
Aug 02,2019


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Second Quarter Highlights:

  • Announced the anticipated sale of the Distribution segment

  • Net sales from continuing operations up 5% sequentially to $175 million, 2.2% lower versus prior year on dispositions and foreign currency translation

  • Consolidated operating margin from continuing operations increases 46% over prior year

  • Diluted earnings per share from continuing operations increased $0.06 to $0.23

  • Received U.S. Government approval for our $324 million DCS Contract

  • Record first half order intake for our specialty bearings and engineered products

BLOOMFIELD, Conn.--Jul. 31, 2019-- Kaman Corp. (NYSE:KAMN) today reported financial results for the second fiscal quarter ended June 28, 2019. During the second quarter, the Company announced the anticipated sale of its Distribution segment to affiliates of Littlejohn & Co., LLC for $700 million in cash, subject to customary closing conditions and working capital adjustments. The Distribution segment results are reported as discontinued operations for all periods in the release.

Table 1. Summary of Financial Results (unaudited)

In thousands except per share amounts

For the Three Months Ended

June 28, 2019

June 29, 2018

Change

Net sales from continuing operations:

Aerospace

$

174,712

$

178,606

$

(3,894

)

Operating income from continuing operations:

Aerospace

$

24,598

$

22,741

$

1,857

% of sales

14.1

%

12.7

%

1.4

%

Net gain on sale of assets

—

1,528

(1,528

)

Corporate expense

(14,023

)

(17,043

)

3,020

Operating income from continuing operations

$

10,575

$

7,226

$

3,349

Adjusted EBITDA*:

Earnings from continuing operations

$

6,389

$

4,778

$

1,611

Adjustments

10,735

12,807

(2,072

)

Adjusted EBITDA*

$

17,124

$

17,585

$

(461

)

% of sales

9.8

%

9.8

%

—

%

Earnings per share:
(https://www.kaman.com)
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