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Kaman Corp. (NYSE: KAMN), Bloomfield, CT, reported third-quarter sales of $414.6 million, up 16 percent over the same period a year ago. Profit grew 15 percent to $15 million.
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"We are monitoring business conditions, particularly defense spending issues in Aerospace and certain end market weakness within Distribution," said Neal J. Keating, president and CEO. "Proactive expense reduction actions have been taken where appropriate and contingency plans have been developed in the event conditions warrant more aggressive actions."
Kaman Industrial Technologies – Kaman's industrial distribution segment – sales increased 10.1 percent in the third quarter to $263.3 million. Organically, sales were flat for the period. Segment operating income was $13.2 million compared to operating income of $12.3 million in the third quarter of 2011.
Aerospace segment sales were $151.3 million, an increase of 29 percent over the same period a year ago. Operating income for the third quarter of 2012 was $24.4 million, compared to operating income of $19.2 million in the third quarter of 2011.
For the first nine months, Kaman reported sales of $1.2 billion, up 8 percent year over year. Profit declined slightly to $40.9 million.