Kaman Reports 2013 Fourth Quarter And Full Year Results

Kaman Corp. (NYSE:KAMN) today reported financial results for the fourth quarter and full year ended December 31, 2013.
           
Table 1. Summary of Financial Results
In thousands, except per share amounts For the Three Months Ended
December 31, 2013 December 31, 2012

$ Change
Net sales from continuing operations:
Distribution $ 267,487 $ 248,280 $ 19,207
Aerospace 170,856   151,036   19,820  
Net sales $ 438,343   $ 399,316   $ 39,027  
 
Operating income from continuing operations:
Distribution $ 10,352 $ 11,155 $ (803 )
Aerospace 25,346 22,673 2,673
Net gain (loss) on sale of assets (28 ) (84 ) 56
Corporate expense (11,395 ) (10,503 ) (892 )
Operating income $ 24,275   $ 23,241   $ 1,034  
 
 
Diluted net earnings per share from continuing operations $ 0.48 $ 0.52 $ (0.04 )
Adjustments* 0.07   0.09   (0.02 )
Adjusted diluted net earnings per share* $ 0.55   $ 0.61   $ (0.06 )
 

Neal J. Keating, Chairman, President and Chief Executive Officer, stated, “2013 was a successful year for Kaman as strong performance across a number of our Aerospace programs enabled us to deliver solid operating results. Despite the challenges encountered at Distribution, the segment achieved organic sales growth of 5.2% for the fourth quarter, our first quarter of year-over-year organic sales growth in Distribution since the second quarter of 2012.

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