Industry News
Second Quarter Highlights:
Announced the anticipated sale of the Distribution segment
Net sales from continuing operations up 5% sequentially to $175 million, 2.2% lower versus prior year on dispositions and foreign currency translation
Consolidated operating margin from continuing operations increases 46% over prior year
Diluted earnings per share from continuing operations increased $0.06 to $0.23
Received U.S. Government approval for our $324 million DCS Contract
Record first half order intake for our specialty bearings and engineered products
BLOOMFIELD, Conn.--Jul. 31, 2019-- Kaman Corp. (NYSE:KAMN) today reported financial results for the second fiscal quarter ended June 28, 2019. During the second quarter, the Company announced the anticipated sale of its Distribution segment to affiliates of Littlejohn & Co., LLC for $700 million in cash, subject to customary closing conditions and working capital adjustments. The Distribution segment results are reported as discontinued operations for all periods in the release.
Table 1. Summary of Financial Results (unaudited) | |||||||||||||
In thousands except per share amounts | For the Three Months Ended | ||||||||||||
June 28, 2019 | June 29, 2018 | Change | |||||||||||
Net sales from continuing operations: | |||||||||||||
Aerospace | $ | 174,712 | $ | 178,606 | $ | (3,894 | ) | ||||||
Operating income from continuing operations: | |||||||||||||
Aerospace | $ | 24,598 | $ | 22,741 | $ | 1,857 | |||||||
% of sales | 14.1 | % | 12.7 | % | 1.4 | % | |||||||
Net gain on sale of assets | — | 1,528 | (1,528 | ) | |||||||||
Corporate expense | (14,023 | ) | (17,043 | ) | 3,020 | ||||||||
Operating income from continuing operations | $ | 10,575 | $ | 7,226 | $ | 3,349 | |||||||
Adjusted EBITDA*: | |||||||||||||
Earnings from continuing operations | $ | 6,389 | $ | 4,778 | $ | 1,611 | |||||||
Adjustments | 10,735 | 12,807 | (2,072 | ) | |||||||||
Adjusted EBITDA* | $ | 17,124 | $ | 17,585 | $ | (461 | ) | ||||||
% of sales | 9.8 | % | 9.8 | % | — | % | |||||||
Earnings per share: | 2024-08-02
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