BLOOMFIELD, Conn. (AP) _ Kaman Corp. (KAMN) on Wednesday reported second-quarter profit of $15.1 million.
On a per-share basis, the Bloomfield, Connecticut-based company said it had net income of 53 cents. Earnings, adjusted for one-time gains and costs, came to 54 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share.
The industrial distribution aircraft components company posted revenue of $468.1 million in the period.
Kaman shares have risen 11 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $65.45, a rise of 28 percent in the last 12 months.
Neal J. Keating, Chairman, President and Chief Executive Officer, commented, “Our second quarter results benefited from increased demand across our broad Aerospace product offerings and continued organic sales growth at Distribution. As we look to the remainder of the year we remain encouraged by the underlying performance of both of our operating segments.”
Chief Financial Officer Robert D. Starr commented: “We are revising our outlook for the year to reflect the performance we achieved through the first half of 2018. For Aerospace we are tightening up our sales range and now expect sales in the range of $755 million to $775 million, while increasing our expectations for operating margin to 15.9% to 16.1%, or 16.6% to 16.8% when adjusted for the $5.5 million of anticipated restructuring costs. This new range implies a significant increase in margins in the back half of the year and is primarily due to the expected increase in sales of JPF and specialty bearings products, and the benefit from our restructuring actions.”
The full financial report can be viewed here.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KAMN at https://www.zacks.com/ap/KAMN
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