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Kaman Reports 2011 Fourth Quarter And Full Year Results

Kaman Corp. (NYSE:KAMN) today reported financial results for the fourth quarter and full year ended December 31, 2011.
         
Table 1. Summary of Financial Results
In thousands except per share amounts For the Three Months Ended
December 31, December 31,
2011 2010 $Change
Net sales:
Industrial Distribution

$

233,441

$

218,687

$

14,754
Aerospace 145,283   146,422   (1,139 )
Net sales

$

378,724
 

$

365,109
 

$

13,615
 
 
Operating income:
Industrial Distribution $ 11,142 $ 9,233

$
1,909
Aerospace 17,472 26,387 (8,915 )
Net gain (loss) on sale of assets (220 ) (68 ) (152 )
Corporate expense (9,520 ) (9,105 ) (415 )
Operating income $ 18,874   $ 26,447   $ (7,573 )
 
 
Diluted earnings per share $ 0.38 $ 0.53 $ (0.15 )
Adjustments* 0.15   0.24   (0.09 )
Adjusted diluted earnings per share* $ 0.53   $ 0.77   $ (0.24 )

Neal J. Keating, Chairman, President and Chief Executive Officer, stated, "We delivered great operational performance across the company in 2011 compared to 2010. Our team executed well and demonstrated significant improvement by virtually any measure. Sales reached a record $1.5 billion fueled by both organic growth and the contributions of the twelve acquisitions we have completed over the last four years. Industrial Distribution sales reached a record $951 million compared to $646 million just two years ago. Aerospace sales were up 12.5% as a result of higher sales of our bearing product lines and the contributions from acquisitions. Operating profit was higher in each business including an impressive 59% increase at Industrial Distribution on a 14% sales increase. Aerospace operating profit rose on the elevated sales volume and increased sales of higher margin bearing product lines. This strong operational performance resulted in robust year over year earnings per share growth of 36% (diluted per share, adjusted*).

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