Kaman Corp - KAMN STOCK NEWS

Kaman Corp. (NYSE:KAMN) will report its Q4 and full year 2022 financial results after market close on February 23, 2023. A live webcast and conference call is scheduled for 8:30 am ET on February 24, 2023. Participants must register for the call to receive a personalized dial-in number. A supplemental presentation will be available on the company's website before the earnings call. Kaman operates in aerospace, defense, and industrial markets, providing a variety of components and solutions, including rotary wing aircraft parts, missile systems, and UAV technologies.

Kaman Corporation (NYSE: KAMN) announced a restructuring plan aimed at optimizing its cost structure and enhancing financial performance. The initiative is projected to yield approximately $25 million in annualized cost savings through various measures, including the consolidation of the Joint Programmable Fuze (JPF) program and the discontinuation of K-MAX® helicopter production. While the company will incur pre-tax restructuring charges between $10 million and $12 million, along with non-cash charges of at least $54 million, these actions are intended to focus on high-growth opportunities and improve operational efficiency.

Kaman Corporation (NYSE:KAMN) announced a series of actions aimed at enhancing operational efficiency and financial performance. The company will consolidate Joint Programmable Fuze production in Middletown, Connecticut, ceasing operations in Orlando by the end of 2024, yielding annual cost savings of $12-$15 million with pre-tax restructuring charges of $8-$10 million. Kaman is focused on optimizing its cost structure, particularly in its legacy programs, while evaluating business lines to improve return on investment and long-term shareholder value.

Kaman Corporation (NYSE:KAMN) has declared a quarterly dividend of 20 cents per common share, set to be paid on January 12, 2023. Shareholders of record by December 20, 2022 will be eligible for this payment. Founded in 1945, Kaman operates in aerospace, defense, industrial, and medical markets, providing various products including aircraft components and UAV systems. The dividend demonstrates the company's commitment to returning value to its shareholders.

Kaman Corp. (NYSE:KAMN) reported third-quarter 2022 net sales of $172 million with a gross margin of 32.5%, but net earnings decreased to $0.6 million. The acquisition of Parker-Hannifin's Aircraft Wheel & Brake division is the largest in company history, aimed at enhancing product offerings and driving cash flow. Engineered Products showed a 9% growth year-over-year, while Precision Products faced delays impacting cash flow, pushing significant receipts to 2023. Adjusted EBITDA stood at $20.6 million, with a margin of 12%. Full-year guidance revised down due to program challenges.

Kaman Corp. (NYSE:KAMN) will report its third quarter 2022 results after the market closes on November 1, 2022. A live webcast and conference call will follow on November 2, 2022, at 8:30 am ET. Interested participants must register for the call to receive a personalized PIN. A supplemental presentation will be available on the company’s website ahead of the earnings call.

Kaman Air Vehicles has secured a purchase agreement with North American Helicopter for a K-MAX® medium-to-heavy lift helicopter, set for delivery in Q4 2022. The K-MAX® is known for its low maintenance and ability to lift up to 6,000 pounds, enhancing North American Helicopter's capabilities in electrical, gas utility, and defense operations. Kaman's Vice President, Phil Murphy, anticipates growing demand for the K-MAX® in critical missions such as firefighting and infrastructure support.

Kaman Air Vehicles, a division of Kaman Corporation (NYSE:KAMN), has been awarded a contract to develop a logistics UAS prototype for the United States Marine Corps. The funded military version of KAMAN's KARGO UAV is designed to carry up to 800 pounds and operate in austere environments. Managed by NAVAIR PMA-263, the project includes a Field User Capability Assessment once the prototype is completed. Kaman aims to meet the Marines' logistics needs with its rugged, compact UAV, which is expected to be operational with minimal personnel.

Kaman Corporation (NYSE:KAMN) announced the acquisition of Parker-Hannifin Corporation's Aircraft Wheel & Brake Division on September 16, 2022. This acquisition enhances Kaman's portfolio, offering mission-critical wheel and brake technology for a variety of aircraft. The strategic move aims to expand Kaman’s market presence in aerospace and defense and is projected to positively impact margins and cash flow within the first year. With a focus on integration, Kaman plans to leverage cash flow for debt reduction.