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Kaman Corp., Bloomfield, CT, reported fourth quarter sales of $316.4 million, an increase of 16.2% over fourth quarter 2007. Profit declined 71.8% to $6.8 million. Continued operating issues at the Wichita facility, softening of sales in the Industrial Distribution business, and lower margins in the Specialty Bearings segment on lower volume contributed to the lower earnings.
For the full year 2008, Kaman reported sales of $1.25 billion, an increase of 15.4% over 2007 sales. Profit declined 36.3% to $35.6 million. The increase in sales was comprised of organic growth of 8.4% and growth from acquisitions of 7.0%.
Aerostructure segment sales were $43.9 million in the fourth quarter, compared to $28.1 million in fourth quarter 2007. Sales growth of 56% includes organic growth of 7.8%. Sustained performance on the BLACKHAWK and other programs more than offset lower sales as a result of the Boeing strike. The segment's sales growth for the quarter also reflects the contributions of the Brookhouse acquisition, which contributed sales of $13.5 million.
For the full year 2008, the segment had an operating loss of $5.9 million. Sales increased 44.2% to $147.6 million. Organic growth was 12.7%, while Brookhouse contributed sales of $32.3 million.
Fourth quarter sales in the Precision Products segment were $34 million, an increase of 48.5% over the prior year period. For the full year 2008, segment sales were $118 million, up 34.9%.
In the Helicopters segment, sales increased 11.6% to $19.3 million in the fourth quarter of 2008. For the 2008 full-year period, sales were $69.4 million, down 3.6% from 2007 results.
Fourth quarter Specialty Bearings segment sales were $32 million, up 7.4% from fourth quarter 2007. The recent Boeing strike and normal fourth quarter cyclicality of sales volumes impacted the segment's sales. For the 2008 full-year period, segment sales were $141.5 million, an increase of 14% over 2007.
Industrial Distribution segment sales increased 7.5% in the fourth quarter of 2008 to $187.2 million. For the full year 2008, sales were $777 million, an increase of 11%. Organic growth for the 2008 full-year period was 4.8%.