(NYSE: KAMN), Bloomfield, CT, reported sales for 2011 of $1.5 billion, an increase of 15 percent over sales in 2010. Profit increased 43.5 percent to $51.1 million.
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For the three months ended Dec. 31, 2011, sales were $378.7 million, up 3.7 percent over the same period a year ago. Profit fell 28.5 percent to $10 million.
Industrial Distribution segment sales increased 6.7 percent in the fourth quarter to $233.4 million. Organic sales grew 2.8 percent. Market strength was broad based across most geographies, customers and end markets. Segment operating income for the fourth quarter of 2011 was $11.1 million, a year-over-year increase of 20.7 percent.
Industrial Distribution segment sales for the full year 2011 were a $950.8 million, an increase of 14.3 percent year-over year. Operating income was $48.1 million, an increase of 59.1 percent.
Aerospace segment fourth-quarter sales were $145.3 million, a decrease of $1.1 million from sales in the fourth quarter of 2010. Operating income for the fourth quarter of 2011 was $17.5 million, compared to operating income of $26.4 million in the 2010 fourth quarter.
For the full year 2011, segment sales were $547.4 million, an increase of 12.5 percent from 2010. Full year operating profit rose 19.8 percent to $80.4 million.
"Acquisitions remain a key component of our growth strategy and we are pleased that we completed five acquisitions during 2011," said Neal J. Keating, president and CEO. "At the forefront, in Industrial Distribution, the acquisition of Catching Fluidpower and our national reseller agreement with Parker Hannifin will form the cornerstone of our strategy to increase our mix of higher margin fluid power product sales. In Aerospace, the acquisition of Vermont Composites expands our customer base and our platform exposure adding further diversity to this segment. All in all 2011 was a great year for Kaman, but most importantly it demonstrates solid progress toward our 2014 goals for sales and profit in both businesses."
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