Kaman Corp. posted a 78 increase in fourth-quarter profits as acquisitions in its industrial distribution segment bore fruit.
For the three months ended Dec. 31, the Bloomfield aerospace manufacturer and industrial distributor earned $14.7 million, or 56 cents a share, up from $8.3 million, or 32 cents a share, earned the same period in 2009.
Fourth-quarter revenues climbed to $365.1 million from $269 million.
For all 2010, Kaman earned $38.3 million, or $1.47 a share, up 17 percent from $32.7 million, or $1.27 a share, earned the previous year.
Revenues climbed to $1.32 billion from $1.15 billion.
Chairman and CEO Neal J. Keating said the higher quarterly and annual sales reflected Kaman’s recovery from delivery setbacks suffered when a supplier’s faulty components caused bomb fuzes made for the Air Force to malfunction.
The company’ s performance also benefited, Keating said, from its early 2010 purchases of oilfield-equipment distributor Allied Bearing Supply and Minarik, a distributor of motion-control and automation gear.
Chief Financial Officer William Denninger said Kaman expects 2011 “to be a solid year of growth.”
