Despite a nearly 10 percent increase in net sales, Bloomfield aerospace and industrial manufacturer Kaman Corp.’s fourth-quarter profits dipped nine percent on higher costs and expenses, it reported.
Profits were $12.9 million, or 47 cents per diluted share, down from $14.2 million, or 53 cents, in the final quarter of 2012.
Revenue grew from $399.3 million to $438.3 million, but that gain was wiped out by higher selling costs, which also increased by about $39 million. Higher general and administrative expenses, and a goodwill impairment charge of $2.1 million, also played a role.
For the year, Kaman’s profits were $57.1 million, or $2.10 per share, up from $55 million, or $2.07, the year before. Annual revenue grew 5.6 percent, to $1.68 billion.
Kaman also announced Thursday that it will open before March 30 a specialty bearings facility in Hochstadt, Germany, and a tooling facility in Lancashire, England.
The company announced a new South Carolina engineering office earlier this week.
