Kaman Shares Plunge After Q2 Warning
Friday, June 18, 2021 2:01 PM

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Shares of Kaman Corp. (NASDAQ: KAMN) plunged more than 5% on Friday, a day after the aerospace manufacturer said that it's second quarter performance will be impacted by its voluntary halt of Joint Programmable Fuze production due to a supplied component failure that occurred during acceptance testing at the end of last month. The Bloomfield, Connecticut based company said that the production interruption will delay planned JPF shipments and is anticipated to impact second quarter projected sales by approximately $25 million.

The company expects to report second quarter revenue in the range of $310 million to $320 million and diluted earnings per share in the range of $0.15 and $0.20 for the quarter ending July 2, 2010. Analysts currently expect profit of 39 cents per share on revenue of $324 million.

Neal J. Keating, Chairman, President and CEO of Kaman stated, "The technical failure was caused by the same component with which we have experienced other issues in the last six months, although each failure has been in a different mode.  We are working closely with our customer, the Air Force, and our supplier to determine the root cause of this failure and we are committed to continue making additional improvements to further increase reliability. 

"At this time, while we still have the capacity to meet our full year production targets, and we will strive to meet these goals, our ability to do so will depend on how quickly we can resume production. Our efforts are fully focused on resolving this issue and returning to improved production levels as soon as possible."

For the fiscal year 2010, the company now anticipates Aerospace segment sales in the range of $465 million to $475 million. Previously, Aerospace segment sales for the year were expected to be approximately flat with previous year's 501 million.

Disclosure: Author doesn’t own any of the stocks discussed here.

 

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