Kaman Corp (KAMN) Tops Q1 EPS by 1c, Offers Outlook

Kaman Corp (NYSE: KAMN) reported Q1 EPS of $0.42, $0.01 better than the analyst estimate of $0.41. Revenue for the quarter came in at $413.93 million versus the consensus estimate of $397.3 million.

Outlook

We have updated our outlook to reflect the closing of the B.W. Rogers acquisition on April 25, 2014. For 2014 we expect sales for this acquisition to be in the range of $65 million to $70 million and expect the transaction to be modestly accretive on a GAAP basis. In connection with the acquisition, we expect to incur approximately $1.5 million of one-time costs, as well as, $1.7 million of expense for the amortization of intangible assets in 2014. Our updated outlook for 2014 is as follows:

Distribution:

Sales of $1,180 million to $1,220 million
Operating margins of 4.7% to 5.2%

Aerospace:

Sales of $640 million to $660 million
Operating margins of 16.5% to 17.0%

Interest expense of approximately $13.5 million
Corporate expenses of approximately $52 million
Estimated annualized tax rate of approximately 35%
Depreciation and amortization expense of approximately $38 million
Capital expenditures of $35 million to $40 million
Free cash flow* in the range of $43 million to $48 million

For earnings history and earnings-related data on Kaman Corp (KAMN) click here.

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