Kaman lowers forecast
Kaman Industrial Technologies had sales of $304.0 million for the second quarter, a 2.0 percent gain compared to the same period last year.
However, organic sales per sales day decreased slightly less than 1% when compared to the prior year as weakness in the industrial end markets ended the positive organic sales growth trends experienced over the past six quarters.
Operating income of $15.4 million, or 5.1 percent of sales, compared to $16.1 million, or 5.4 percent of sales, in the second quarter of 2014.
The company reported sales of $298.1 million for the second quarter of 2014.
"At Distribution, organic sales per sales day increased in April; however, decreased sequentially throughout the remaining months of the second quarter resulting in a decline of 0.8% for the period," said chief financial officer, Robert D. Starr.
The company revised its 2015 outlook, expected sales of $1.2 billion to $1,22 billionm with operating margins of 4.8% to 5.0%.
"We are lowering our operating margin range to 4.8% to 5.0%, due to the impact of lower sales on our ability to leverage our fixed costs," Starr said.
Total sales for Kaman Corp. for the quarter were $446.3 million, with operating income of $30.4 million for the period. That compares to sales of $453.0 million and income of $28.4 million in the same period last year.
INDUSTRIAL SUPPLY MAGAZINE
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