Kaman Reports 2018 Fourth Quarter Results

Fourth Quarter Highlights:

  • Diluted earnings per share of $0.84, or $1.22 adjusted*
  • Year-to-date operating cash flow of $162.4 million; Free Cash Flow*
    of $132.5 million
  • Consolidated backlog of $986.1 million, a 32.9% increase over 2017
  • Distribution sales up 6.5% to $280.1 million; Operating margin of
    4.1%
  • Aerospace sales up 4.7% to $220.9 million; Operating margin of
    18.9%, or 20.7% adjusted*

BLOOMFIELD, Conn.–(BUSINESS WIRE)–Kaman Corp. (NYSE:KAMN) today reported financial results for the fourth
fiscal quarter ended December 31, 2018, as follows:

   
Table 1. Summary of Financial Results (unaudited)
In thousands except per share amounts   For the Three Months Ended

December 31,
2018

 

December 31,
2017

  Change
Net sales:
Distribution $ 280,052 $ 263,000 $ 17,052
Aerospace 220,859   210,916   9,943  
Net sales $ 500,911   $ 473,916   $ 26,995  
 
Operating income:
Distribution $ 11,557 $ 11,207 $ 350
% of sales 4.1 % 4.3 % (0.2 )%
Aerospace 41,748 44,594 (2,846 )
% of sales 18.9 % 21.1 % (2.2 )%
Loss on sale of business (5,722 ) (5,722 )
Net gain (loss) on sale of assets (528 ) 39 (567 )
Corporate expense (12,846 ) (14,416 ) 1,570  
Operating income $ 34,209   $ 41,424   $ (7,215 )
 
Adjusted EBITDA*:
Net earnings $ 23,577 $ 13,797 $ 9,780
Adjustments 36,340   40,155   (3,815 )
Adjusted EBITDA* $ 59,917   $ 53,952   $ 5,965  
% of sales 12.0 % 11.4 % 0.6 %
 
Earnings per share:
Diluted earnings per share $ 0.84 $ 0.49 $ 0.35
Adjustments 0.38   0.37   0.01  
Adjusted Diluted Earnings per Share* $ 1.22   $ 0.86   $ 0.36  
   
 

Neal J. Keating, Chairman, President and Chief Executive Officer,
commented, “We ended 2018 with strong top line growth at both segments,
increasing sales for the quarter by 5.7% to over $500 million and
achieving consolidated gross margins of 30.3%. Diluted earnings per
share in the fourth quarter of $0.84 exceeded expectations, in part due
to the shipment of JPF DCS safe and arm devices in December. Our results
included a number of one-time charges in the quarter. When adjusted for
these items, our adjusted diluted earnings per share was $1.22, a 41.9%
increase over the adjusted results in the fourth quarter of 2017.

At Distribution, we continued to see strong organic sales growth, with
sales per sales day* in the quarter up 6.5% over the prior year. This
was the highest fourth quarter daily sales rate since 2014 and helped
drive our full year sales per sales day* growth of 5.0%. Operating
margin was 4.1% for the quarter and we ended 2018 with full year
operating margins of 4.5%, or 4.6% adjusted*. A number of items impacted
our full year operating profit performance when compared to 2017,
including higher group health costs, costs associated with our one-time
employee tax incentive and higher freight costs, which in total had an
impact of approximately 30 bps.

At Aerospace, sales increased 4.7% when compared to the fourth quarter
of 2017. Sales for specialty bearings products were strong in the
quarter, with performance benefiting from the work performed to overcome
the supplier issues that impacted results in the third quarter. Prior to
year-end we received government export approval for our $48 million JPF
DCS contract, and shipped a portion of this order in December, with
delivery of the balance of the order expected in the first quarter of
2019. Also, during the quarter we secured three new K-MAX® contracts and
successfully delivered three aircraft in the period with a total of five
for the year. Operating margin of 18.9%, or 20.7% adjusted*, for the
quarter benefited from the sales mix, offset by a number of costs
including costs associated with restructuring actions. These
restructuring actions will help strengthen the performance at Aerospace
through improved capacity utilization and operational efficiency.

We enter 2019 with positive momentum at both segments. Results at
Distribution will benefit from the full year impact of recent corporate
account wins and savings from the cost reduction actions taken in 2018.
Aerospace enters 2019 with significant backlog and increased order rates
across several of our products and programs and, when coupled with the
actions we have taken to improve operating profit performance, is well
positioned to benefit from its diverse mix of commercial and defense
programs. And our cash flow performance for 2019 is expected to continue
the recent trend of strong cash flow generation and we remain active in
our corporate development activities.”

Chief Financial Officer, Robert D. Starr, commented, “In the fourth
quarter we generated operating cash flows of $35.0 million, or Free Cash
Flows* of $28.7 million, and ended the year with cash flows from
operations of $162.4 million and Free Cash Flows* of $132.5 million.
Although the full year result was slightly below expectations, 2018 Free
Cash Flow* increased 154% over the Free Cash Flow* we generated in 2017.
Our strong cash flow performance enabled us to make $30 million of
discretionary contributions to our pension plan, up $20 million from the
discretionary contributions we made in 2017, helping to improve the
funded status of the plan.

In addition, we returned approximately $41 million in capital to
shareholders during the year in the form of dividends and share
repurchases, a 26% increase over 2017, while paying down over $100
million of debt. We enter 2019 with an extremely strong balance sheet
and are well positioned to execute on our strategic goals.

Moving to our outlook for 2019, we expect overall improved results for
the year due to an increase in operating margin at both segments, and
strong top line growth at Distribution. The approximately 11% increase
in the mid-point of expected segment operating income for 2019 is
expected to be largely offset by a below the line reduction in non-cash
pension and post-retirement benefit income.

At Distribution, we expect sales in the range of $1.19 billion to $1.22
billion, an implied growth rate of 6.0% at the midpoint of the range.
Top line performance will benefit from our corporate account wins
reaching their full-year run rate in 2019, as well as a number of other
sales initiatives designed to increase market share. We expect operating
margins for the segment in the range of 5.0% to 5.3%.

At Aerospace, we expect sales in the range of $720.0 million to $750.0
million, with operating margins of 16.5% to 17.0%. Aerospace sales
performance at the mid-point will be relatively flat with the prior
year, despite an approximately $45.0 million reduction in sales
resulting from lower revenue on helicopter and metallic structures
programs combined with the absence of sales from Engineering Services
and Tooling businesses. Sales from the remaining Aerospace business is
expected to increase approximately 6.0%, highlighted by increased sales
for our specialty bearings and engineered products and JPF safe and arm
devices. The expected increase in operating margin will be driven by
expected sales mix in 2019 and the benefit from the sale of the
Engineering Services and Tooling businesses.

We expect another strong year of cash flow generation in 2019, with cash
flows from operations expected to be in the range of $105.0 million to
$125.0 million, resulting in a Free Cash Flow* expectation in the range
of $70.0 million to $90.0 million.

Moving to the cadence of earnings for the year, we expect less than 10%
of earnings in the first quarter and approximately 40% in the fourth
quarter. Similar to 2018, earnings for 2019 are expected to be largely
driven by the timing of sales and profit for our specialty bearings
products and JPF safe and arm devices.”

2019 Outlook

The Company’s 2019 outlook is as follows:

  • Distribution:

    • Sales of $1.19 billion to $1.22 billion
    • Operating margins of 5.0% to 5.3%
    • Depreciation and amortization expense of approximately $16.0
      million
  • Aerospace:

    • Sales of $720.0 million to $750.0 million
    • Operating margins of 16.5% to 17.0%
    • Depreciation and amortization expense of approximately $21.0
      million
  • Interest expense of approximately $20.0 million
  • Corporate expenses of approximately $58.0 million to $59.0 million
  • Net periodic pension benefit of approximately $1.5 million
  • Estimated annualized tax rate of approximately 24.0%
  • Consolidated depreciation and amortization expense of approximately
    $41 million
  • Capital expenditures of approximately $35.0 million
  • Cash flows from operations in the range of $105.0 million to $125.0
    million; Free Cash Flow* in the range of $70.0 million to $90.0 million
  • Weighted average diluted shares outstanding of 28.1 million

Please see the MD&A section of the Company’s Form 10-K filed with the
Securities and Exchange Commission concurrently with the issuance of
this release for greater detail on our results and various company
programs.

A conference call has been scheduled for tomorrow, February 26, 2019,
at 8:30 AM ET.
Listeners may access the call live by telephone at
(844) 473-0975 and from outside the U.S. at (562) 350-0826 using the
Conference ID: 7566935; or, via the Internet at www.kaman.com.
A replay will also be available two hours after the call and can be
accessed at (855) 859-2056 or (404) 537-3406 using the Conference ID:
7566935. In its discussion, management may reference certain non-GAAP
financial measures related to company performance. A reconciliation of
that information to the most directly comparable GAAP measures is
provided in this release.

About Kaman Corporation

Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman,
and headquartered in Bloomfield, Connecticut conducts business in the
aerospace and industrial distribution markets. The company produces and
markets proprietary aircraft bearings and components; super precision,
miniature ball bearings; complex metallic and composite aerostructures
for commercial, military and general aviation fixed and rotary wing
aircraft; safe and arming solutions for missile and bomb systems for the
U.S. and allied militaries; subcontract helicopter work; restoration,
modification and support of our SH-2G Super Seasprite maritime
helicopters; manufacture and support of our K-MAX® manned and unmanned
medium-to-heavy lift helicopters. The company is a leading distributor
of industrial parts, and operates approximately 220 service facilities,
including distribution centers, assembly, fabrication and repair
facilities across the U.S. and Puerto Rico. Kaman offers more than six
million items including electro-mechanical products, bearings, power
transmission, motion control and electrical and fluid power components,
automation and MRO supplies to customers in virtually every industry.
Additionally, Kaman provides engineering, design and support for
automation, electrical, linear, hydraulic and pneumatic systems as well
as belting and rubber fabrication, customized mechanical services, hose
assemblies, repair, fluid analysis and motor management. More
information is available at www.kaman.com.

Table 2. Summary of Segment Information (in thousands) (unaudited)
  For the Three Months Ended   For the Twelve Months Ended

December 31,
2018

 

December 31,
2017

December 31,
2018

 

December 31,
2017

Net sales:
Distribution $ 280,052 $ 263,000 $ 1,139,431 $ 1,080,965
Aerospace 220,859   210,916   735,994   724,944  
Net sales $ 500,911   $ 473,916   $ 1,875,425   $ 1,805,909  
 
Operating income:
Distribution $ 11,557 $ 11,207 $ 51,529 $ 51,372
Aerospace 41,748 44,594 94,357 117,654
Loss on sale of business (5,722 ) (5,722 )
Net gain (loss) on sale of assets (528 ) 39 1,700 256
Corporate expense (12,846 ) (14,416 ) (58,800 ) (58,163 )
Operating income $ 34,209   $ 41,424   $ 83,064   $ 111,119  
 
Table 3. Depreciation and Amortization by Segment (in thousands)
(unaudited)
 
For the Three Months Ended   For the Twelve Months Ended
December 31,
2018
  December 31,
2017
December 31,
2018
  December 31,
2017
Depreciation and Amortization:
Distribution $ 3,734 $ 3,548 $ 14,154 $

15,083

 

Aerospace 5,945 6,128 24,506 23,717
Corporate 850   876   3,369   3,671  
Consolidated Total $ 10,529   $ 10,552   $ 42,029   $ 42,471  
 

Non-GAAP Measures Disclosure

Management believes that the Non-GAAP (i.e. Financial measures that are
noted computed in accordance with Generally Accepted Accounting
Principles) financial measures identified by an asterisk (*) used in
this release or in other disclosures provide important perspectives into
the Company’s ongoing business performance. The Company does not intend
for the information to be considered in isolation or as a substitute for
the related GAAP measures. Other companies may define the measures
differently. We define the Non-GAAP measures used in this release and
other disclosures as follows:

Organic Sales – Organic Sales is defined as “Net Sales” less
sales derived from acquisitions completed during the preceding twelve
months. We believe that this measure provides management and investors
with a more complete understanding of underlying operating results and
trends of established, ongoing operations by excluding the effect of
acquisitions, which can obscure underlying trends. We also believe that
presenting Organic Sales separately for our segments provides management
and investors with useful information about the trends impacting our
segments and enables a more direct comparison to other businesses and
companies in similar industries. Management recognizes that the term
“Organic Sales” may be interpreted differently by other companies and
under different circumstances. No other adjustments were made during the
three-month and twelve-month fiscal periods ended December 31, 2018 and
December 31, 2017. The following table illustrates the calculation of
Organic Sales using the GAAP measure, “Net Sales.”

Table 4. Organic Sales (in thousands) (unaudited)  
For the Three Months Ended   For the Twelve Months Ended
December 31,
2018
  December 31,
2017
December 31,
2018
  December 31,
2017
Distribution
Net sales $ 280,052 $ 263,000 $ 1,139,431 $

1,080,965

 

Acquisition Sales        
Organic Sales $ 280,052   $ 263,000   $ 1,139,431   $ 1,080,965  
Aerospace
Net sales $ 220,859 $ 210,916 $ 735,994 $ 724,944
Acquisition Sales        
Organic Sales $ 220,859   $ 210,916   $ 735,994   $ 724,944  
Consolidated
Net sales $ 500,911 $ 473,916 $ 1,875,425 $ 1,805,909
Acquisition Sales        
Organic Sales $ 500,911   $ 473,916   $ 1,875,425   $ 1,805,909  
 

Organic Sales per Sales Day – Organic Sales per Sales Day is
defined as GAAP “Net sales of the Distribution segment” less sales
derived from acquisitions completed during the preceding twelve months
divided by the number of Sales Days in a given period. Sales days
(“Sales Days”) are the days that the Distribution segment’s branch
locations were open for business and exclude weekends and holidays.
Management believes Organic Sales per Sales Day provides an important
perspective on how net sales may be impacted by the number of days the
segment is open for business and provides a basis for comparing periods
in which the number of Sales Days differs.

The following table illustrates the calculation of Organic Sales per
Sales Day using “Net sales: Distribution” from the “Segment and
Geographic Information” footnote in the “Notes to Consolidated Financial
Statements” included in the Company’s Form 10-K filed with the
Securities and Exchange Commission on February 25, 2019.

Table 5. Distribution – Organic Sales Per Sales Day (in
thousands, except days) (unaudited)
    For the Three Months Ended   For the Twelve Months Ended
December 31,
2018
  December 31,
2017
December 31,
2018
  December 31,
2017
(in thousands)
Current period
Net sales $ 280,052 $ 263,000 $ 1,139,431 $ 1,080,965
Sales days 62   62   253   252  
Sales per Sales Day for the current period a $ 4,517   $ 4,242   $ 4,504   $ 4,290  
 
Prior period
Net sales from the prior year $ 263,000 $ 257,218 $ 1,080,965 $ 1,106,322
Sales days from the prior year 62   61   252   253  
Sales per Sales day from the prior year b $ 4,242   $ 4,217   $ 4,290   $ 4,373  
 
% change

(a-b)/b

6.5 % 0.6 % 5.0 % (1.9 )%
 
Table 6. Distribution – Sales Days          
  First

Quarter

      Second

Quarter

      Third

Quarter

      Fourth

Quarter

 
Distribution Sales Days            
2019 Sales Days by quarter 63 64 63

63

 

2018 Sales Days by quarter 64 64 63 62
2017 Sales Days by quarter 64 64 62 62
 

Adjusted EBITDA – Adjusted EBITDA is defined as net earnings
before interest, taxes, other expense (income), net, depreciation and
amortization and certain items that are not indicative of the operating
performance of the Company’s segments or corporate function for the
period presented. Adjusted EBITDA differs from net earnings, as
calculated in accordance with GAAP, in that it excludes interest
expense, net, income tax expense, depreciation and amortization, other
expense (income), net and certain items that are not indicative of the
operating performance of the Company’s segments or corporate function
for the period presented. We have made numerous investments in our
business, such as acquisitions and capital expenditures, including
facility improvements, new machinery and equipment, improvements to our
information technology infrastructure and new ERP systems, which we have
adjusted for in Adjusted EBITDA. Adjusted EBITDA also does not give
effect to cash used for debt service requirements and thus does not
reflect funds available for distributions, reinvestments or other
discretionary uses.

Management believes Adjusted EBITDA provides an additional perspective
on the operating results of the organization and its earnings capacity
and helps improve the comparability of our results between periods
because it provides a view of our operations that excludes items that
management believes are not reflective of operating performance, such as
items traditionally removed from net earnings in the calculation of
EBITDA as well as Other expense (income), net and certain items that are
not indicative of the operating performance of the Company’s segments or
corporate function for the period presented. Adjusted EBITDA is not
presented as an alternative measure of operating performance, as
determined in accordance with GAAP. No other adjustments were made
during the three-month and twelve-month fiscal periods ended December
31, 2018 and December 31, 2017. The following table illustrates the
calculation of Adjusted EBITDA using GAAP measures:

Table 7. Adjusted EBITDA (in thousands) (unaudited)  
For the Three Months Ended   For the Twelve Months Ended
December 31,
2018
  December 31,
2017
December 31,
2018
  December 31,
2017
Adjusted EBITDA
Consolidated Results
Sales $ 500,911 $ 473,916 $ 1,875,425 $ 1,805,909
 
Net earnings $ 23,577 $ 13,797 $ 54,169 $ 49,826
 
Interest expense, net $ 4,658 $ 5,035 $ 20,097 $ 20,581
Income tax expense 9,041 23,518 21,068 44,552
Other expense (income), net 17 (73 ) (143 ) (784 )
Depreciation and amortization 10,529 10,552 42,029 42,471
Other Adjustments:
Restructuring and severance costs 2,704 355 8,008 2,855
Non-cash intangible asset impairment charge 10,039
Non-cash write-off of inventory 709
Employee tax-related matters in foreign operations 1,761 3,040
Cost associated with corporate development activities 1,247 3,409
Cost associated with senior executive retirement 768 2,882
Loss on sale of U.K. Tooling business 5,722 5,722
Loss on sale of assets and liabilities of Engineering Services
business
661 661
Gain on the sale of land     (1,520 )  
Adjustments $ 36,340 $ 40,155 $ 113,119 $ 112,557
       
Adjusted EBITDA $ 59,917   $ 53,952   $ 167,288   $ 162,383  
Adjusted EBITDA margin 12.0 % 11.4 % 8.9 % 9.0 %
 

Free Cash Flow – Free Cash Flow is defined as GAAP “Net cash
provided by (used in) operating activities” in a period less
“Expenditures for property, plant & equipment” in the same period.
Management believes Free Cash Flow provides an important perspective on
our ability to generate cash from our business operations and, as such,
that it is an important financial measure for use in evaluating the
Company’s financial performance. Free Cash Flow should not be viewed as
representing the residual cash flow available for discretionary
expenditures such as dividends to shareholders or acquisitions, as it
may exclude certain mandatory expenditures such as repayment of maturing
debt and other contractual obligations. Management uses Free Cash Flow
internally to assess overall liquidity. The following table illustrates
the calculation of Free Cash Flow using “Net cash provided by (used in)
operating activities” and “Expenditures for property, plant &
equipment,” GAAP measures from the Condensed Consolidated Statements of
Cash Flows included in this release.

Table 8. Free Cash Flow (in thousands) (unaudited)    
 

For the Twelve
Months Ended

     

For the Nine
Months Ended

     

For the Three
Months Ended

 
  December 31,
2018
    September 28,
2018
    December 31,
2018
 
Net cash provided by operating activities $ 162,368     $ 127,398     $ 34,970
Expenditures for property, plant & equipment   (29,871 )     (23,630 )     (6,241 )  
Free Cash Flow   $ 132,497       $ 103,768       $ 28,729    
 
Table 9. Free Cash Flow – 2019 Outlook (in millions)           2019 Outlook
Free Cash Flow:    
Net cash provided by operating activities $     105.0 to $     125.0
Less: Expenditures for property, plant and equipment (35.0 ) to (35.0 )
Free Cash Flow $     70.0   to $     90.0  
 

Debt to Capitalization Ratio – Debt to Capitalization Ratio is
calculated by dividing debt by capitalization. Debt is defined as GAAP
“Current portion of long-term debt” plus “Long-term debt, excluding
current portion.” Capitalization is defined as Debt plus GAAP “Total
shareholders’ equity.” Management believes that Debt to Capitalization
Ratio is a measurement of financial leverage and provides an insight
into the financial structure of the Company and its financial strength.
The following table illustrates the calculation of Debt to
Capitalization Ratio using GAAP measures from the Condensed Consolidated
Balance Sheets included in this release.

Table 10. Debt to Capitalization Ratio (in thousands) (unaudited)          
  December 31,
2018
      December 31,
2017
 
Current portion of long-term debt $   9,375     $   7,500
Long-term debt, excluding current portion, net of debt issuance costs   284,256       391,651    
Debt   $   293,631       $   399,151    
Total shareholders’ equity   633,157       635,656    
Capitalization   $   926,788       $   1,034,807    
Debt to Capitalization Ratio   31.7 %     38.6 %  
 

Adjusted Net Earnings and Adjusted Diluted Earnings Per Share
Adjusted Net Earnings and Adjusted Diluted Earnings per Share are
defined as GAAP “Net earnings” and “Diluted earnings per share,” less
items that are not indicative of the operating performance of the
business for the periods presented. These items are included in the
reconciliation below. Management uses Adjusted Net Earnings and Adjusted
Diluted Earnings per Share to evaluate performance period over period,
to analyze the underlying trends in our business and to assess its
performance relative to its competitors. We believe that this
information is useful for investors and financial institutions seeking
to analyze and compare companies on the basis of operating performance.

The following table illustrates the calculation of Adjusted Net Earnings
and Adjusted Diluted Earnings per Share using “Net earnings” and
“Diluted earnings per share” from the “Consolidated Statements of
Operations” included in the Company’s Form 10-K filed with the
Securities and Exchange Commission on February 25, 2019.

Table 11. Adjusted Net Earnings and Adjusted Diluted Earnings per
Share
 
(In thousands except per share amounts) (unaudited)
  For the Three Months Ended For the Twelve Months Ended
December 31,
2018
  December 31,
2017
December 31,
2018
  December 31,
2017
Adjustments to Net Earnings, pre tax
Restructuring and severance costs at Aerospace $ 2,305 $ 161 $ 7,016 $

2,661

 

Restructuring and severance costs at Distribution 62 194 655 194
Restructuring and severance costs at Corporate 337 337
Non-cash non-tax write-off of inventory 709
Employee tax-related matters in foreign operations 1,761 3,040
Cost associated with corporate development activities 1,247 3,409
Senior executive separation costs 768 2,882
Loss on sale of assets and liabilities of Engineering Services
business
661 661
Gain on the sale of land (1,520 )
Non-cash non-tax intangible asset impairment charge 10,039
Loss on sale of U.K. Tooling business 5,722 5,722
Tax expense associated with the revaluation of U.S. deferred tax
assets due to tax reform
  9,733     9,733  
Adjustments, pre tax $ 12,095   $ 10,856   $ 30,068   $ 15,470  
 
Tax Effect of Adjustments to Net Earnings
Restructuring and severance costs at Aerospace $ 576 $ 56 $ 1,754 $ 931
Restructuring and severance costs at Distribution 16 68 164 68
Restructuring and severance costs at Corporate 84 84
Non-cash non-tax write-off of inventory
Employee tax-related matters in foreign operations 115 435
Cost associated with corporate development activities 312 852
Senior executive separation costs 269 1,009
Loss on sale of assets and liabilities of Engineering Services
business
165 165
Gain on the sale of land (380 )
Non-cash non-tax intangible asset impairment charge
Loss on sale of U.K. Tooling business
Tax expense associated with the revaluation of U.S. deferred tax
assets due to tax reform
       
Tax effect of Adjustments $ 1,268   $ 393   $ 3,074   $ 2,008  
 
Adjustments to Net Earnings, net of tax
GAAP Net Earnings, as reported $ 23,577 $ 13,797 $ 54,169 $ 49,826
Restructuring and severance costs at Aerospace 1,729 105 5,262 1,730
Restructuring and severance costs at Distribution 46 126 491 126
Restructuring and severance costs at Corporate 253 253
Non-cash non-tax write-off of inventory 709
Employee tax-related matters in foreign operations 1,646 2,605
Cost associated with corporate development activities 935 2,557
Senior executive separation costs 499 1,873
Loss on sale of assets and liabilities of Engineering Services
business
496 496
Gain on the sale of land (1,140 )
Non-cash non-tax intangible asset impairment charge 10,039
Loss on sale of U.K. Tooling business 5,722 5,722
Tax expense associated with the revaluation of U.S. deferred tax
assets due to tax reform
  9,733     9,733  
Adjusted Net Earnings $ 34,404   $ 24,260   $ 81,163   $ 63,288  
 
Calculation of Adjusted Diluted Earnings per Share
GAAP diluted earnings per share $ 0.84 $ 0.49 $ 1.92 $ 1.75
Restructuring and severance costs at Aerospace 0.06 0.19 0.06
Restructuring and severance costs at Distribution 0.01
Restructuring and severance costs at Corporate 0.01 0.01
Non-cash non-tax write-off of inventory 0.03
Employee tax-related matters in foreign operations 0.06 0.09
Cost associated with corporate development activities 0.03 0.09
Senior executive separation costs 0.02 0.07
Loss on sale of assets and liabilities of Engineering Services
business
0.02 0.02
Gain on the sale of land (0.04 )
Non-cash non-tax intangible asset impairment charge 0.36
Loss on sale of U.K. Tooling business 0.20 0.20
Tax expense associated with the revaluation of U.S. deferred tax
assets due to tax reform
  0.35     0.35  
Adjusted Diluted Earnings per Share $ 1.22   $ 0.86   $ 2.88   $ 2.23  
 
Diluted weighted average shares outstanding 28,119   28,172   28,223   28,418  
 

Contacts

James Coogan
V.P., Investor Relations
(860) 243-6342
James.Coogan@kaman.com

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