Welcome to our dedicated page for Kaman news (Ticker: KAMN), a resource for investors and traders seeking the latest updates and insights on Kaman stock.
Kaman Corp (NYSE: KAMN) is a prominent player in the aerospace and distribution markets, with a rich history dating back to its founding in 1945 by aviation pioneer Charles H. Kaman. Headquartered in Bloomfield, Connecticut, Kaman Corp operates 17 locations worldwide, cementing its global footprint in the industry.
The company's core businesses include the production and marketing of proprietary aircraft bearings and components, super precision miniature ball bearings, and complex metallic and composite aerostructures for a variety of aircraft types including commercial, military, and general aviation fixed and rotary wing aircraft. Kaman Aerospace, a key segment of the corporation, also excels in aerostructure engineering design analysis and FAA certification services.
Notably, Kaman Corp offers safe and arm solutions for missile and bomb systems for the U.S. and allied militaries. The company is also recognized for its subcontract helicopter work, the production of the K-MAX medium-to-heavy lift helicopter, and support for the SH-2G Super Seasprite maritime aircraft.
Recently, Kaman Corp has been in the spotlight due to significant corporate developments. On April 18, 2024, it was announced that Cohen & Steers Inc. (NYSE: CNS) will replace Kaman Corp. in the S&P SmallCap 600, following Arcline Investment Management LP's acquisition of Kaman, which is set to close by April 19, pending final conditions. This strategic move marks a new chapter in Kaman's storied history, potentially influencing its market presence and operational dynamics.
For more information about the company's operations, products, and recent updates, visit their official website at www.kaman.com/aerospace.
Kaman Corporation (NYSE:KAMN) announced a quarterly dividend of 20 cents per common share, payable on July 8, 2021, to shareholders of record on June 22, 2021. The company, founded in 1945, operates in the aerospace, defense, industrial, and medical sectors, providing aircraft components, precision bearings, and helicopter support. Kaman's diverse offerings include solutions for military and commercial aviation, emphasizing its longstanding commitment to innovation and quality.
Kaman Corp. (NYSE:KAMN) reported Q1 financial results with net sales decreasing by 17.2% year-over-year to $171.6 million. Operating income improved to $5.6 million, up from a loss of $4.4 million in the previous year. Adjusted EBITDA fell to $17.1 million, a 34.7% drop from Q1 2020. Despite a decline in Defense and Commercial products, Medical and Industrial sectors showed growth. The company is optimistic about a recovery in the second half of the year, driven by increased air traffic and vaccination rates, alongside ongoing new product developments.
Kaman Corporation (NYSE:KAMN) announced that its joint venture, Kineco Kaman Composites India, received the BAE Systems Partner 2 Win Supplier of the Year Award for 2020, recognizing exceptional performance in supply chain success. Additionally, Kineco Kaman achieved a Gold Supplier award for maintaining a 100% on-time delivery and quality performance. The recognition underscores the strong partnership between Kineco Kaman and BAE Systems, highlighting their commitment to operational excellence amid global challenges.
Kaman Air Vehicles, a division of Kaman Aerospace Corporation, has successfully completed the first flight of K-MAX TITAN™, the world's first heavy-lift unmanned helicopter for the commercial market. This innovative system aims to enhance safety and operational efficiency in various conditions, including adverse weather. Kaman is also collaborating with the U.S. Marine Corps to upgrade autonomous capabilities of existing K-MAX aircraft. The K-MAX TITAN™ can lift up to 6,000 pounds and is available for both existing and new production helicopters.
Kaman Corporation (NYSE:KAMN) announced the retirement of Chairman Neal J. Keating during the 2021 Annual Meeting, following a transition plan. Keating, who served over 13 years, was instrumental in Kaman's growth, including strategic acquisitions and the sale of its former distribution business. Ian K. Walsh, President and CEO, has been appointed as the new Chairman. Additionally, Board members Karen Garrison and Tom Rabaut retired, with Jennifer Pollino becoming the Lead Independent Director. Keating expressed confidence in the company's future growth and leadership.
Kaman Corp. (NYSE:KAMN) will release its first quarter 2021 results on May 4, 2021, after market close. A live webcast and conference call is scheduled for May 5, 2021, at 8:30 am ET. Investors can join the call by telephone (U.S.: 844-473-0975, International: 562-350-0826, Conference ID: 7396055) or online at www.kaman.com. A replay will be available two hours post-call at (855) 859-2056 or (404) 537-3406 using the same Conference ID. Kaman specializes in aerospace & defense and industrial markets.
Kamatics Corporation, a Kaman business (NYSE:KAMN), is finalizing the introduction of a KAflex® drive shaft Supplemental Type Certificate (STC) for Bell 212/412/SP helicopters. Designed for low operating costs and no maintenance, it can be rebuilt after 5,000 hours of use, requiring only visual inspections and an out-of-aircraft check at 2,500 hours. This innovation, developed collaboratively with Bell, aims to significantly reduce operational costs and enhance safety. The drive shaft is expected to be well received by customers, reflecting strong market demand and collaboration.
Kaman Composites – Wichita, a division of Kaman Corporation (NYSE:KAMN), has secured a contract with Boeing to produce refueling boom assemblies for the MH-47 program, a modified version of the CH-47 Chinook helicopter. This contract enhances Kaman's partnership with Boeing, focusing on both new production and upgrades. To meet production demands, Kaman Composites Wichita is expanding its facility in preparation for program commencement in the latter half of 2021.
Kaman Air Vehicles has successfully delivered a medium-to-heavy lift K-MAX® helicopter to Black Tusk Helicopter Inc. in Squamish, BC, Canada. This addition will enhance Black Tusk's capabilities in various external lift projects, including timber harvesting and firefighting. The K-MAX® is noted for its exceptional lift capacity of up to 6,000 pounds and low maintenance needs, making it ideal for demanding environments. Both companies have emphasized the importance of reliability and performance in their operations, showcasing the growing interest in the K-MAX® aircraft internationally.
Kaman Corp. (NYSE: KAMN) reported a significant decline in Q4 2020, with net sales from continuing operations dropping to $185.3M, down from $237.8M in the same quarter of 2019. Operating income turned to a loss of $38.2M, compared to a profit of $14.8M the previous year. Adjusted EBITDA also fell, registering $17.3M versus $36.7M. Despite these challenges, adjusted diluted EPS for the full year increased by 29.4% to $2.11. The company anticipates continued difficulties in the first half of 2021 due to ongoing impacts from the pandemic but expects improved performance later in the year.
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