Kaman’s third quarter results show a 9.3 percent growth in net income for the third quarter. Strong performance in its aerospace division and cost controls were a factor, the company said Friday.
Operating income for the third quarter was $29.7 million, or 62 cents per share, compared to $27.2 million, or 64 cents per share, a year earlier for the Bloomfield-based company.
Neal J. Keating, Kaman chairman, president and CEO, said, “Aerospace continues to be driven by improved operating performance from our bearing products and direct sales of the [Joint Programmable Fuze] to foreign militaries. Looking ahead, increased interest in the [JointProgrammable Fuze] from our customers has prompted us to take steps to increase production capacity. We are also planning an expansion of our domestic production capacity for our bearings products to meet increased demand.”
Operating income was up in Kaman’s aerospace segment from $27.8 million compared to $26.8 million a year ago. Net income was down slightly in its distribution segment at $14.4 million compared with $14.5 million a year earlier.
Chief Financial Officer, Robert D. Starr, said, “The strength of our balance sheet supports our ongoing effort to pursue strategic acquisitions to grow our business.” Last week Kaman completed its acquisition of Timken Alcor Aerospace Technologies Inc., which has been renamed EXTEX Engineered Products Inc.
