Kaman's sales down 5.9 percent
Kaman Industrial Technologies reported sales of $286 million for the second quarter, a 5.9% decline from $304 million in the second quarter of 2015.
Operating income of $13.8 million compared to income of $15.4 million in the same period last year.
"At Distribution, we achieved operating margin for the quarter of 4.8%, despite continued weakness in the industrial economy and its impact on top line performance, primarily due to our cost control efforts and productivity initiatives," said Neal J. Keating, chairman, president and chief executive officer of Kaman Corporation.
Kaman Corp. had sales of $470.6 million for the quarter, compared to $446.3 million in the second quarter of 2015. The increase was driven primarily by 30% sales growth in Kaman's aerospace segment.
"When compared to the prior year, organic sales per sales day decreased 7.7%, reflecting continued weakness in the industrial economy," added chief financial officer Robert D. Starr. "Our cost control measures combined with productivity initiatives allowed us to largely mitigate the negative impact of deleveraging normally associated with this level of decline in organic sales."