Kaman sales and earnings jump
Kaman Industrial Technologies reported sales of $311.4 million for the first quarter, a 20.3% increase from $258.8 million in the same period last year.
The increase in sales resulted from $30.0 million in sales from acquisitions and an increase of $22.6 million in organic sales. Organic sales benefited from four additional sales days in the quarter and on a same day sales basis were up 2.1%.
The distribution segment of Kaman Corporation had adjusted earnings of $17.1 million for the quarter, which compares to $14.6 million last year.
“We are pleased with our start to 2015. Despite continued challenges with reduced defense spending and a sluggish industrial economy our business delivered diluted earnings per share of 46 cents in the first quarter, a 4.5% increase over the prior year," said Neal J. Keating, chairman, president and chief executive officer.
As a whole, Kaman Corporation had sales of $442.7 million and adjusted earnings of $31.7 million for the quarter.