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Kaman Reports 2012 Third Quarter Results

Kaman Corp. (NYSE:KAMN) today reported financial results for the third quarter ended September 28, 2012.
     
Table 1. Summary of Financial Results

In thousands except per share amounts
For the three months ended

September 28, 2012

September 30, 2011

$ Change
Net sales:
Industrial Distribution $ 263,328 $ 239,132 $ 24,196
Aerospace 151,285   117,388   33,897  
Net sales $ 414,613   $ 356,520   $ 58,093  
 
Operating income:
Industrial Distribution $ 13,171 $ 12,252 $ 919
Aerospace 24,410 19,173 5,237
Net gain (loss) on sale of assets (53 ) (14 ) (39 )
Corporate expense (12,419 ) (10,092 ) (2,327 )
Operating income $ 25,109   $ 21,319   $ 3,790  
 
 
Diluted earnings per share $ 0.56   $ 0.49   $ 0.07  
 

Neal J. Keating, Chairman, President and Chief Executive Officer, stated, “During the third quarter we delivered solid performance in both of our businesses. Aerospace delivered 28.9% sales growth driven by deliveries of over 10,000 Joint Programmable Fuzes ("JPF") during the quarter, which offset lower sales volume on certain other programs. In Distribution, we achieved double digit sales growth and completed two strategic acquisitions that we believe will continue to propel growth in the future.

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