Kaman Industrial Technologies sales rise 35 percent
Sales at Kaman Industrial Technologies increased 35.2% in the 2010 second quarter to $210.9 million from $156.0 million a year ago.
Acquisitions contributed $27.7 million in sales in the quarter. On a sales per sales day basis, organic sales were up 15.6% over last year's second quarter. Operating income was $7.7 million, a 151.6% increase from $3.1 million in the second quarter of 2009. The operating profit margin for the second quarter of 2010 was 3.7% compared to 2.7% in the first quarter of 2010 and 2.0% in the second quarter of 2009.
The company said sales reflect growth from acquisitions made in 2010 and healthier market conditions compared to the same period in 2009. Improved market conditions were broad based across all geographies, customers and end markets. Sales were higher on a sequential basis in the second quarter due to the contribution from acquisitions and improved market conditions. The operating margin was higher on a sequential basis as a result of the higher sales volume, and the contributions from acquisitions.
"We have completed three acquisitions in this segment in 2010 and each is exceeding our expectations for revenue and profitability," said Neal J. Keating, chairman, president and chief executive officer of Kaman Corp. "With our growth in revenues and the profitable contribution from the acquisitions, we were able to expand our Industrial Distribution operating margin significantly."
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
