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Bloomfield, CT-based Kaman Corp. reported sales for the second quarter were $293.2 million, down 7.3% from second quarter 2008. Profit increased 31.9% to $9.4 million.
Sales for the first half of 2009 were $587.3 million, down 2.5% from the first half of last year. Profit decreased 1.3% to $14.8 million.
Industrial Distribution second quarter segment sales were $156.0, a decrease of 23.3% from the prior year. The segment's sales reflect the continued difficult economic environment and resultant weak market conditions in addition to a very strong comparative period in 2008 which experienced a sales increase of 16.5%.
For the six-month period, sales in the Industrial Distribution segment totaled $332.9 million, compared with $385.5 million in the year ago period. Organic growth for the first half of 2009 was a negative 19.2%, compared with a positive 6.7% in the same period last year.
Aerospace segment sales were $137.3 million, an increase of 21.5% over sales in the second quarter of 2008. For the six-month period, the Aerospace segment reported net sales of $254.4 million, compared to $216.6 million for the first half of 2008.
Results this year have been favorably impacted by focused cost control efforts across the organization," CFO William C. Denninger said. "At Aerospace this has resulted in maintained or in some cases enhanced margins, while at Distribution it has helped us remain profitable albeit at lower levels."