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February 26, 2021

Kaman reports $69.7 million loss for 2020

Photo | Contributed Aerospace products, such as Kaman Corp.’s K-MAX heavy-lift helicopters, have traditionally been among the state's top exports, but the COVID-19 pandemic greatly disrupted the sector.
By Sean Teehan

Bloomfield aerospace and medical device manufacturer Kaman Corp. posted a $69.7 million loss for 2020, largely driven by the COVID-19 pandemic's continuing effects on the commercial aerospace industry.

Disclosing its fourth-quarter and year-end earnings, Kaman CEO Ian Walsh said the company grappled with declines in medical device sales toward the beginning of the pandemic, in addition to the cratering of the commercial aerospace market. He told shareholders he expects to see the beginning of a commercial aerospace recovery later this year.

"We expect improved performance in the second half as vaccines become more widely available, demand for business and leisure travel picks up and utilization of narrow body aircraft increases," Walsh said.

The 2020 loss of $69.7 million, or -$2.54 per diluted share is a far cry from 2019, when Kaman reported nearly $210 million, or $2.01 per diluted share, in profits. 

Kaman reported a $31.4 million loss, or -$1.13 per diluted share, for 2020's fourth quarter, compared with $39.4 million in profits, or $1.41 per diluted share, in the final three months of 2019.

Sales in 2020 reached $784 million, a 3% improvement from nearly $762 million reported for 2019. The year-end sales growth was partly driven by more than $68 million in contracts with Lockheed Martin and the U.S. Air Force in 2020's third quarter. 

But Kaman's sales for 2020's final quarter amounted to $185 million, a 22% drop from last year's final quarter, when the company did almost $238 million in sales.


 

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