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Home » Kaman Sales Down 8.8% in 2009

Kaman Sales Down 8.8% in 2009

By    MDM  Staff 
February 25, 2010
More about:  Kaman,  PT/Motion Control/Fluid Power
Industrial Distribution sales for Kaman fell 16.9%.
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Bloomfield, CT-based Kaman Corp. (Nasdaq: KAMN) reported sales for the year ended Dec. 31, 2009, were $1.14 billion, down 8.8% from $1.25 billion in the previous year.
 
In the fourth quarter, sales were $269 million, down from $316 million in the same period a year ago.
 
By Segment:
Industrial Distribution sales decreased 20% in the 2009 fourth quarter to $149.8 million from a year ago. On a same-day sales basis, sales in the fourth quarter were 14.7% lower than 2008. Segment operating income for the fourth quarter of 2009 was $3.4 million, a 42.6% decrease from the fourth quarter of 2008.
 
Segment sales for 2009 were $645.5 million compared to $777 million in 2008, a decrease of 16.9%. As with the fourth quarter, the full year was impacted by weak market conditions due to the economic environment and a strong comparative sales increase of 11% in 2008, of which 6.2% was from acquisitions.
 
Aerospace segment sales were $119.3 million in the 2009 fourth quarter, a decrease of 7.6% from the fourth quarter of 2008. Operating income for the 2009 fourth quarter was $18.2 million, compared to operating income of $14.7 million in the 2008 fourth quarter. The increase was primarily attributable to higher profitability from the JPF program under Option 5 of that contract and higher profit margins from bearing product lines.
 
The decrease in segment sales from last year's fourth quarter is a result of several factors including: lower JPF direct commercial sales, lower Egypt upgrade program revenue, and decreased sales of commercial aerospace bearings. These decreases were partially offset by increased sales of legacy missile fuze systems, higher sales of Boeing commercial structures due to the timing of deliveries, and increased revenues from erosion coating programs for U.S. military helicopter platforms.
 
For the full year 2009, Aerospace sales increased 5.1% to $500.7 million from $476.6 million in 2008. This increase was primarily attributable to higher deliveries under the BLACKHAWK cockpit program; higher sales of JPF fuze systems; a full year of sales from Brookhouse, which was acquired during 2008; higher sales of SH-2 spares to New Zealand; and increased revenues from helicopter blade erosion coating programs. These increases were partially offset by lower sales of commercial bearings, primarily for the business and regional jet markets, and the absence of SH-2G(A) support center program sales.
 

 
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