Kaman sales down 7.3 percent
Kaman Industrial Technologies reported sales of $288.7 million for the first quarter, down 7.3 percent from $311.5 million in the same period last year.
Operating income of $10.5 million compared to $12.9 million in last year's first quarter.
"We were pleased with operating profit margin performance at Distribution for the quarter. Adjusted operating margin expanded 60 basis points to 3.7% when compared to the fourth quarter on relatively flat organic sales per sales day," said Neal J. Keating, chairman, president and chief executive officer at Kaman Corp.
"Our recent actions at Distribution to adjust our cost structure have contributed to the sequential improvement in operating margin performance. While we anticipate continued market challenges, we feel well positioned to improve operating performance for the balance of the year," he added.
For Kaman Corp. at a whole, sales of $451.2 million for the quarter were up from $442.8 million in the first quarter last year.