Kaman revises forecast on lower sales volume
Kaman Industrial Technologies posted third quarter sales of $296.3 million, down 2% from $302.3 million in the same period last year.
“At Distribution, we achieved an operating margin of 4.9% for the quarter despite continued weakness in industrial markets which put pressure on our top line for the period," said Neal J. Keating, chairman, president and chief executive officer. "Operating income dollars were flat for the quarter as compared to the third quarter of the prior year on a decline in sales of 5.2%, when measured on a sales-per-sales day basis. This demonstrates our disciplined cost control which mitigated the negative impact of lower sales levels."
Chief financial officer, Robert D. Starr, added, “As we look ahead to the fourth quarter, we are revising our outlook for the full year. At Distribution, a number of the end markets we serve continue to show reduced demand which resulted in weaker than expected revenues in the quarter. We are projecting continued weakness for the remainder of the year and are reducing Distribution's forecasted sales range to $1.17 billion - $1.2 billion and we are modestly reducing our operating margin range for the year to 4.6% - 4.7%. We believe these margin rates can be achieved as we continue to strive to match our cost structure with current revenues."
Kaman Corporation's total sales for the quarter of $433.7 million compared to sales of $456.0 million in the third quarter of 2014.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
