Stock Alert: Kaman Declines 9%

(RTTNews) - Shares of aerospace company Kaman Corporation (KAMN) were down $5.58 or 8.99% on Tuesday before closing at $56.50. The stock has traded in the range of $50.75- $68.24 in the last one year.

Kaman said it expects the grounding of Boeing's 737MAX to impact its results in 2020. Boeing 737 Max passenger airliner has been grounded from March last year after two aircraft crashed within five months.

On February 24, the company reported fourth-quarter earnings that increased to $34.1 million or $1.22 per share from $15.63 million or $0.56 per share in the comparable quarter last year. Excluding items, earnings were $0.80 per share. Analysts polled by Thomson Reuters expected earnings of $0.76 per share.

Net sales were up 7.7% year-on-year to $237.8 million.

Full-year sales are expected between $860 million - $880 million. Analysts see sales of $844.71 million.

"We expect earnings for 2020 to be weighted toward the second half of the year. Approximately 65% of our earnings will occur in the second half of the year, consistent with our earnings pattern in recent years," Chief Financial Officer, Robert D. Starr, commented.