Bloomfield industrial parts distributor and aerospace manufacturer Kaman Corp. said its second quarter profits decreased 7 percent on higher costs and expenses.
Kaman netted $16.6 million, or 60 cents per diluted share, down from $17.9 million, or 67 cents, in the same quarter last year.
The lower profits came despite a 6.3 percent increase in net sales, which rose from $431.7 million to $459.1 million over the year. Cost of sales increased by $19 million, while expenses primarily related to sales force expansion and incentive compensation climbed $11 million.
The distribution segment grew net sales by approximately $34 million during the quarter, much of it from acquisitions, while aerospace fell $6.6 million on a reduction in shipments related to the Black Hawk helicopter program, among other factors.
