Kaman Corp. in Bloomfield said Thursday first-quarter profits were cut in half and sales dropped amid the temporary suspension of deliveries of a vital bomb fuze to the U.S. Air Force.
Kaman earned $4.5 million, or 7 cents a share, in the three months ended March 31, down from $9.4 million, or 14 cents a share, the same period last year.
The company had previously lowered its earnings outlook due to delivery shortcomings stemming from test failures with earlier shipments of Joint Programmable Fuzes for bombs and other airborne ordinance to the Air Force.
Earnings this quarter were still within analysts’ estimated range of a nickel to a dime a share.
Sales fell in the latest quarter to $276.8 million from $294 million last year.
Neal J. Keating, Kaman chairman, president and CEO, acknowledged the fuze problems hurt first-quarter results but said it was resolved in late April.
Kaman is now moving, Keating said, to get back on track with delivery schedules for the year. The Air Force also extended its fuze contract with Kaman worth $45.5 million.
Meantime, the flurry of deals the Kaman Industrial Technology unit closed in the first quarter should help with sales and profitability down the road, he said.
Last week, Kaman purchased of Minarik Corp., California high-technology distributor, on top of the first-quarter purchase of a pair of North American oilfield equipment distributors, Allied Bearings Supply in Tulsa, Okla., and Fawick de Mexico.
