Posted May 3, 2017

Kaman sales decline 5.9 percent

Kaman Industrial Technologies had sales of $271.6 million for the first quarter, a 5.9 percent decrease from $288.7 million in the same period last year.

Operating income of $11.7 million for the distribution arm of Kaman Corp. compared to operating income of $10.5 million in the first quarter of 2016.

"At Distribution, improved profitability from the productivity initiatives led to a 4.3% operating margin, an increase of 70 bps over the same period in the prior year, or 60 bps over the prior year adjusted margin. This result was achieved on a decline in Sales per Sales Day of 4.4% when compared to the first quarter of 2016 highlighting the importance of these initiatives and the opportunity for additional margin expansion," said Neal J. Keating, Kaman chairman, president and CEO.

He added that average daily sales increased in each month of the quarter, with organic sales per sales day for March 8.5% above January. "Our preliminary results for April continue to reflect sequential growth in our Organic Sales per Sales Day. This encouraging trend points to improved performance for the remainder of the year," Keating said.

For the full company, Kaman Corp. reported first quarter sales of $435.9 million, a 3.4 percent decline from $451.2 million in the same period last year. Net earnings of $6.3 million for the period, or 22 cents per diluted share, compared to earnings of $9.8 million, or 41 cents, in the first quarter of 2016.