Posted February 28, 2011
KIT sales up 46 percent
Kaman Industrial Technologies achieved sales growth of 46.0% in the 2010 fourth quarter to $218.7 million from $149.8 million a year ago.
Acquisitions contributed $34.3 million in sales during the quarter. Organic sales were up 23.2% over last year's fourth quarter. Operating income for the fourth quarter of 2010 was $9.2 million, a 173.2% increase from operating income of $3.4 million in the fourth quarter of 2009. The operating profit margin for the fourth quarter of 2010 was 4.2% compared to 3.8% in the third quarter of 2010 and 2.3% in the fourth quarter of 2009.
Sales for the quarter reflect growth from acquisitions made in 2010, and a healthier business environment compared to the same period in 2009, according to a company statement. The improved market conditions were broad based across geographies, customers and end markets.
"In the fourth quarter of 2010, we delivered the strongest operational performance in the history of our company as a result of solid execution in both our Industrial Distribution and Aerospace segments," said Neal J. Keating, chairman, president and chief executive officer. "Industrial Distribution continued to benefit from healthy demand in nearly all of our end markets, with our organic and acquired businesses both contributing approximately equally to our 46% year-over-year daily sales growth. We were especially pleased that both our Minarik and Allied acquisitions were accretive in the fourth quarter and full year."
Sales for the full year 2010 were $832.0 million compared to $645.5 million in 2009, an increase of 28.9%. Sales growth was achieved as a result of an improved end market environment and contributions from the three acquisitions completed during the year.
