Kaman Corp. on Thursday reduced its 2022 sales outlook after posting second-quarter declines in revenues and profits amid a downturn in its precision products business.
The Bloomfield-based aerospace manufacturer said its second quarter profits totaled $4.1 million, or 14 cents per diluted share, down from $11.9 million, or 42 cents per diluted share, in the year-ago period.
Total second-quarter revenues were $160.8 million, down about 12% from a year earlier.
Kaman President & CEO Ian K. Walsh said that the company’s overall performance was in line with expectations and order rates were strong for the company’s most profitable products. He highlighted Kaman’s agreement to acquire Parker-Hannifin’s aircraft wheel and brake business, which he said will expand the company’s product offerings and exposure to new markets. The acquisition is expected to close later this year.
Sales and margin took a huge dip the company’s precision products sector, though, which serves the aerospace and defense markets with missile and bomb systems and helicopter work, among other things.
Walsh said the company was reducing its sales outlook for the year to between $700 million and $715 million in revenues.