Bloomfield aerospace manufacturer and industrial distributor Kaman Corp. said its third-quarter profits fell 23 percent on a variety of higher costs and expenses, including a sales force expansion.
The company reported profits of $14.8 million, or 53 cents per diluted share, down from $19.2 million, or 70 cents, in the third quarter of 2013.
The results missed analyst estimates gathered by Yahoo Finance, which averaged 67 cents per share.
The decrease was the result of higher costs and expenses. Besides the sales expansion, Kaman said profits were affected by increased incentive payments, severance costs, depreciation expense and sales disruption caused by the installation of a new enterprise resource planning (ERP) software.
Revenue for the quarter was a record-high $462.3 million, up 9 percent from $423.7 million a year ago. More than $31 million of the increase was due to the sales contributions of acquired companies.
Since July 2013, Kaman has purchased three distribution businesses in Ohio and Washington.
