Interrupted deliveries of Air Force bomb fuzes shaved 35 percent off Kaman Corp.’s fiscal second-quarter net profit and forced the Bloomfield aerospace-industrial firm to revise its 2010 forecast.
The flaw traced to a supplied component has been identified and a plan to fix it is in place. Fuze production resumed this week, Kaman Chairman and CEO Neal Keating said in a statement Friday.
Kaman had net profit of $6.1 million, or 23 cents a share, in the three months ended July 2, down from $9.4 million, or 37 cents a share, the comparable quarter a year ago.
Sales rose to $317 million in the period from last year’s $293.2 million.
Picking up the slack from stalled fuze deliveries, Kaman said, were sales from its recently acquired oilfield equipment and services divisions and contract production of Army Black Hawk helicopter cockpits for cross-state customer Sikorsky Aircraft Corp.
Kaman had previously disclosed quality problems with the fuzes used to arm bombs dropped from warplanes and the negative impact of the delay on its second-quarter results.
Kaman has raised its outlook for aerospace segment sales to the range of $480 million to $490 million but lowered its outlook for aerospace operating margins of 14 percent to 14.5 percent.
The sales and margin outlook for the industrial distribution segment remain unchanged.
