Bloomfield aerospace manufacturer Kaman Corp. says its first-quarter profits will come in well below Wall Street expectations because a component for the Air Force failed during testing, The Associated Press reports.
The company said it now expects to earn 5 cents to 10 cents per share for the quarter that will end April 2, on revenue of $270 million to $275 million.
Analysts surveyed by Thomson Reuters were expecting a profit of 30 cents per share on revenue of $288.7 million.
In morning trading, Kaman shares were down 79 cents, or 3 percent, at $25.50.
The company said the component, which is made by another company, failed during testing under its Joint Programmable Fuze program. That will prevent it from making planned shipments during the quarter, hurting sales by $25 million. It said it expects to solve the problem and meet its schedule for the full year.
The company said its other aerospace programs are performing generally in line with expectations.
