Acquisitions drive Kaman growth
Acquisitions drove top-line growth at Kaman Industrial Technologies, where sales increased 6.9% for the second quarter.
Sales increased to $270.2 million compared to $252.9 million a year ago. Acquisitions contributed $25.2 million in sales in the quarter. Organic sales per sales day improved sequentially; however, they decreased 3.1% from the second quarter of 2012.
Segment operating income for the second quarter of 2013 was $13.7 million, or 5.1%, compared to $14.2 million, or 5.6%, in the second quarter of 2012. Operating profit margin decreased due to lower organic sales and correspondingly lower rebates.
"Distribution operating profit was 5.1% for the second quarter, demonstrating significant sequential improvement over the operating profit of 1.8% in the first quarter, due to the absence of $3.0 million of expense related to our first quarter restructuring, $2.0 million in cost savings resulting from that restructuring and operating leverage from higher sales," said Neal J. Keating, Kaman Corp. chairman, president and CEO. "The sequential improvement we made during the first half provides us confidence that we will deliver a stronger second half. "
Kaman Corp. earned $17.9 million, or 67 cents per share, for the quarter, compared to $400.2 million, or 62 cents, for the same period last year. Total Kaman Corp. sales for the quarter were nearly $432 million.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
