Kaman Sales Up 16.1% in 2Q

Kaman Corp., Bloomfield, CT, reported sales in the second quarter 2008 were $316.3 million, up 16.1% from the prior-year period. Profit from continuing operations in the second quarter was $6.1 million, down from $9 million.
 
For the first half of 2008, sales from continuing operations were $602.1 million, up 11.7% from the first half of last year. Profit was down to $15 million, compared with $18.1 million last year.
 
The company also announced its Fuzing segment was renamed Kaman Precision Products to better represent the diversity of its capabilities."
 
Industrial Distribution sales increased 16.5% in the second quarter to $203.3 million. Organic sales growth in the quarter was 8.4%, compared with 2.4% in the prior-year period, with the remaining growth coming from the acquisition of Industrial Supply Corp. (ISC) on March 31, 2008.
 
The Industrial Distribution segment's results primarily reflect the national accounts business, demand within the energy and power generation, mining and oil exploration markets as well as the contribution from ISC.
 
For the 2008 six-month period, sales in the Industrial Distribution segment were $385.5 million, compared with $348 million in the year ago period. Organic growth for the first half of 2008 was 6.7%, compared with 2% in the same period last year.
 
The Aerostructures segment recorded an operating loss for the second quarter of $6.2 million, compared to operating income of $3.7 million in 2007. Segment sales were $30.9 million, an increase of more than 30%. Sales numbers include the operating results of the acquired Brookhouse Holdings Ltd. In the first half 2008, sales in this segment were $59.7 million, compared with $48.5 million the first half 2007.
 
Precision Products (formerly Fuzing) operating income for the second quarter of 2008 was $0.9 million, compared to $4 million in the year ago period. Segment sales were $27.2 million for the 2008 second quarter, compared to $24 million in the second quarter last year.
 
For the first half of 2008, sales in the Precision Products segment were $51.4 million, compared to $42.5 million in the first half of 2007.
 
Helicopters segment operating income for the second quarter of 2008 was $2.9 million, compared to an operating loss of $0.2 million in the second quarter of 2007. Segment sales in the second quarter of 2008 were $18.1 million, compared to $19.0 million in the same period last year.
 
Helicopter segment sales for the first half of 2008 totaled $32.7 million, compared to $36.5 million in the first half of 2007.
 
Specialty Bearings segment operating income rose 36.6% to $13.9 million from $10.2 million in the second quarter of last year. Segment sales in the period were $36.7 million, compared to $31.5 million in the second quarter of 2007, an increase of 16.5%.
 
Results in the Specialty Bearings segment reflect increased demand for the segment's products across all markets, and higher profit margins as a result of the segment's leverage from increased sales volume.
 
Sales in the Specialty Bearings segment rose 14.7% in the first half of 2008 to $72.7 million from $63.5 million in the first half of 2007.