KAMN - Earnings call transcript Q1 2019

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Operator

Good day, ladies and gentlemen and welcome to Kaman’s First Quarter 2019 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Later, we will have a question-and-answer session, and instructions will follow at that time.

As a reminder, this conference is being recorded.

Now, it’s my pleasure to turn the call to James Coogan, Vice President, Investor Relations.

James Coogan

morning. Good to Kaman’s like earnings quarter everyone call. welcome would first to XXXX I today Chairman, and Neal Executive the are Conducting call Keating, Rob Executive Officer. Officer Starr, President Vice Financial President Chief and Chief and

we the discussed materially from indicated the current today’s performance, XXXX forward-looking filed These earnings the setting events. future first many business, filings the information forth Form due financial XX-Q latest of I’d any regarding the including factors, of and forward-looking expectations release. those company’s projections company’s current consist the and to during on revenue, to earnings the Commission, with and statement statements the future that results the other or our important call note with of Before some described The in company on our begin, with the underlying our on are Exchange of economy differ evening will and management, items, statements like statements of company’s company which together and of respect most include the business. plans report of and in Form these objectives could statements quarter its other actual its future to assumptions Securities and yesterday results X-K economic

measures turn the Neal GAAP as that, I non-GAAP In With applicable addition, company’s over we filed the expect included SEC Reconciliations to with call to measures earnings and defined release in measures to X-K. and discuss that are in certain will Keating. information yesterday’s financial rules the regulations. are

Neal Keating

for call. performance slightly a strong will to XXXX first Rob and ahead recent Top sales of continued thank detailed $X.XX line aerospace diluted improvement segments was and XXXX. quarterly we as The brief begin share the remainder and benefited for sales financial sales to growth operating a results or before which over quarter our $X.XX, morning, operating results over contributing saw year discussion today’s at Good sales XXXX for you Jamie. higher JPF driven at operating with was segment everyone our joining each results. you, with passing expectations, by begin prior with more at a very of events the from the for income growth results and overview expectations of volume call both the income, call aerospace, organic our distribution We of I earnings to favorable of adjusted. leverage. increase our earnings distribution, mix improved a at per significant operating and led while improved organic in Thank

run operating foreign DCS XX.X% million, continues weighted rate sales we our specialty be and see Performance a specialty benefit increased as and to up of offerings. rates. full for bearings engineered $XX.X our quarter aerospace our than level of Turning into the XXXX first to to but negative businesses, prior of $XXX.X shifting sales the lower segment of period, than our million the April, the expectations XXth due JPF to exchange and actions begin strong. the performance, Segment primarily products the our and currency services quarter engineering impact of and delivery were aircraft the bearings the K-MAX restructuring our of for tooling prior-period profit in towards higher significantly, mix to new-build sale

in of a in back the in X% levels across our order bearings were self-lubricating increase During sales which traditional us quarter, contributed the over product and lines to year. higher the we bearings, XX.X%, X.X% and saw activity since nice backlog prior half the This for and the provides these incremental year up respectively, year. end confidence

year. over we During in prior under just the compared to delivered X,XXX fuses, X,XXX quarter, the

XX,XXX to to continue half deliveries contracts. We expect range these XXXX, will XX,XXX JPF and government our the of satisfy more than U.S. units of deliveries during in

As in in order a the requires although new third announced quarter. delivery, government order, late this JPF approvals to and DCS April we we expect shipments you begin know, prior to

remains before strong, for seeing service remains backlog an activity the the to for and at additional fleet. sales program $XXX support at aircraft Demand latest book. existing over add this this increased order, of end the including $XX will order and million the exceptionally Our K-MAX which strong, million DCS QX we’re for

of program. XXth a new-production As and year, previously, Lot anticipated the we aircraft re-launched milestone I mentioned K-MAX March final the this K-MAX the X delivering in significant in for

occasion, to of restart not this wait delivery our have new and the was see the customer demand of has proud line, we aircraft. our the this value work accepted in in April. team to mark long the our operators consolidating I’m adding existing capabilities to delayed, across as done that the customers Although did our aircraft the

In announced our capabilities. military them aircraft. look aircraft unmanned unmanned we and us X from Yuma, K-MAX we their secure Corps Bloomfield, development generation continued fleet opportunities in the applications, our K-MAX reactivate focused facility unmanned to accelerating to Connecticut, next-generation Arizona, we Marine aircraft and for move As week, the ahead, for that U.S. supporting to we the of unmanned this just contracts the the are use our prepare for with has next contracted and of commercial and on growth announced March, to system of the

we including basis, of we saw on end with a to durable sales organic drive our a rate growth, day operating markets the quarter a highest improvement day And basis the we of year over of the Moving consecutive with processing. metal sequential end. ended XXXX. goods, food our was year of paper leverage three strength, since day X.X% of XXXX. up saw number the basis grew serve, XX our sales-per-sales and basis, XX quarter manufacturing, distribution, X% prior in All margin and sales and sales-per-sales manufacturing, a million, sales first the the from of we helped points a improvement gains Segment daily quarter quarter X.X%, in across our up backlog continued fourth platforms as $XXX product points and year-over-year growth and of sixth from sign year-over-year X.X% operating results. continued from quarter increase the level of or The sales-per-sales first

XXXX we are the in with excellent pleased with by with drop XXXX. the quarter from fourth committed our We during year. start both order as the And are basis XX.X% expectations remainder of Overall, quarter providing strong us of to segments, costs. percentage SG&A pleased across and sales remain rates the points reduced for the we very the of controlling to confidence a XX

to will over closer look Now at the Rob for call a numbers. the turn Rob? I

Rob Starr

with Thank an anticipated the quarter offset and year. aerospace Neal XXXX result will discussing and volume of on you, for decline our distribution. higher and sales decreased by I X.X% by partially was begin the good over Consolidated lower timing outlook. sales morning to in quarter The revised first sales prior our $XXX.X the million update the at at today volume everyone. performance finish

period. earnings, pulls the be year. generated to basis, adjusted a was first growth last to expected the and of aerospace. around earnings basis pension in at income the at our driven per first the $X.XX review improvement from an of a to The Offsetting I tax of point I prior-year generated the the margin year period, expected During sales this of point prior $X.XX, quarter flat reduction in compared per $X.X our quarter, the adjusted provides to significant XX% shortly while over increase mix distribution, revised we share was the our sales our will first basis operating share in quarter a consolidated year, some benefiting increase share increased In to earnings for aerospace, On period full of in call, performance upside corresponding earnings per quarter. XXXX we the quarter Diluted to compared by the stronger $X.XX, million XXXX. the outlook. in expected the the the at compared decrease quarter diluted earnings discuss performance XXX and quarter XX.X%, remainder favorable in rate performance diluted prior-year than profitability when full gross as profit the when the forward was in $X.XX for in a in those XXX and

compared to to to XX.X% over points to JPF results the for segment in to growth quarter $XXX.X prior At increased realization year-over-year Operating On and exchange quarter, sales were prior-period period. the million rates. and This million our which XX%. million the per points foreign million, increase absence partially sales increased of tooling X.X% sales continued quarter, period. XXX the primarily operating engineering and operating offset of attributable volume in absence income while $X.X sold of favorable year the an $XXX increased adjusted higher year Peru Moving to a year primarily to totaled benefits X.X% to the from period. year; programs; compared our in SH-X from the and engineering prior margins corporate due These by were decreases as prior XXX sales sales to $XXX.X as million actions. services tooling sales. $XXX.X from the increase accounts. in million increased for currency due Daily unfavorable during sales in basis, day, aerospace XX.X%, sales and basis was decreased $X.X K-MAX, our aerospace services, businesses, in JPF the million at to UH-XX X.X% The lower bearing DCS in restructuring distribution, basis our to mix sales our a headwind of the the margins prior was $XX.X well decrease

all transmission points with performance we our period leverage was prior of and the increased platforms, growth XX lines. year of the and and increases saw to due sales control by bearings the the at team. product over to sales across cost basis X.X% organic realization Looking automation platforms, execution in period, product power in higher product our more Operating significant operating the on and X strong result margin

decreasing nearly million performance XX.X%, our of operations to further XXXX from flow $XX.X of us cash while was backlog allowed Additionally, million rose by to ratio $XX.X the flow reduce X.Xx. points leverage to resulting This debt-to-cap cash $X.X Cash basis to million, end from strong ratio free million. our flow XXX quarter. $XXX sequentially, in in the

and a We are cash higher to engineered the forecast achieve buyback us in sheet investments meet and year will bearing acquisition our provides cash year our while organic including flow through of growth balance dividend that positioned with our us cash flexibility programs previously well range. our ample all capital and first our To quarter believe end allocation, allow performance share end, pursuing full product to flow to the shareholders towards full comprehensive in to initiatives, to return the space. of maintain offering our approach targets and specialty reported

the we note is that ahead based to our results in in X.X%. this our quarter to margin to with the additive outlook year beginning $X.XX guidance full distribution, start portion are a for expectations, we Moving due be while of of first and XXXX, a of the operating on to range solid of the portion aerospace, reiterating $X.XX year, to of timing, performance sales our At balance of was previously expected and to were disclosed our results. billion, expectations X.X% range the billion with to

to the increase. we range expectations from and of operating prior in for segment. We point such, year full million, of a outlook, and sales XX.X% operating income million XX XX.X%, million in expect our now are this to a margins $XXX $XX basis range the increase our increasing sales $XXX As

periodic the The million. lowering unchanged our pension prior XXXX. Additionally, All benefit full of prior outlook. to our million finalization we estimates for of pension expectation decrease $X.X remain assumptions are due other to $X.X our net year our is from for from expectation

Before the the wanted Neal, for to the the earnings over of remainder call discuss year. turn I to I of cadence

As expectations. were we ahead discussed, our first earnings of prior our quarter

the from QX. to XX% full our the to results, quarter additive approximately expect XXXX a with of shift representing in be remainder second year earnings into We this

specialty continue over quarter, fourth this our the the that, on the expect call We and timing turn Neal. DCS year half back bearing I in With XX% dependent our earnings for to JPF back nearly products sales full of to will of and weighting units. with largely profit

Neal Keating

Thanks Rob.

highlighted are results of XXXX in ahead our off by good a first We start expectations. quarter to

footing and strong of entering backlog are on increase improving incoming orders, balance We in in the the a year with distribution. outlook strong an

dedication X,XXX Before employees and would and the we for for commitment open than thank line for again like around I our world questions, every to their more the their our investors interest day.

over will turn the Jamie. I to call Now, back

James Coogan

first Operator, may we have the please? question,

Operator

Instructions] Seifman from And question first Thank Seth our JPMorgan. with is [Operator you.

Your line is open.

Mike Rednor

for is Rednor morning everyone. Seth. on This Hi, Mike good

Rob Starr

Good morning Mike.

Mike Rednor

have question production or kind The your will sizing have that for outlook I is do the impact MAX XXX guys first cut, an any you how on there of business?

Neal Keating

Neal, slow current is to with been Mike, our any week. currently of as and customers, last it’s asked working And have not that we shipments.

terms So $XX,XXX $XX,XXX as us, and you to at value, in important relatively set small of it’s an between know, an but program it’s aircraft. ship

like So program, us, really any the the material see year. we good right balance now but don’t it’s impact for we of for the

can are know focused when that us return back really now think Boeing sure and chain I but right any is in to production. on goes if that into change slowed all to continuing that the by supply aircraft we we may Now, make support the others production Boeing,

Mike Rednor

one Got the sizing quarter? more it. small me, fuse USG of split one in the any DCS for And versus

Neal Keating

Actually, on unit deliveries, XX-XX about Mike. we were

Mike Rednor

Thanks. Okay.

Neal Keating

Okay. Thank you.

Operator

our you. Edward question next with Sidoti Company. And Marshall Thank from is &

Your line open. is

Edward Marshall

Hey, are how good guys morning, you?

Neal Keating

how Ed, you? morning Good are

Edward Marshall

year going kind I the stopped am had is anticipate – and was you guidance? that that there, in to because is in okay. – changing book, ship you taking the not up in that quarter, come to else outlook order of this backlog of order, full that in queued was are order you third originally Thanks. you your did or that supply in Thanks. on the ask and new the I place getting the the is strong just JPF, wanted to something considering

Neal Keating

obviously good foreign well. as XX new U.S. both XX Ed, different multitude continually on we are of governments and the and with orders obviously question, working option a with government

I was had call and we the orders quarter anticipate So think DCS that anticipated. we that and had the talked in anticipated this actually first about we during that we – we additional would one did year

Edward Marshall

if of at a backlog, I can about different a be get on for look one, Okay. customers, approval government could you But I I that you things is specific guess shift say your to should way if JPF? instance, customer, with your when around kind shift the necessary you thinking perhaps didn’t that

Neal Keating

goes some exactly product for customers. thinking It fungible a that is it the the you product same way to Ed. about are is with customers. orders, steps but the be it, That’s between we different different part DCS should take There most

Edward Marshall

you the now or last changes roughly of Got curious, the year, goal yet you the points it. last distribution, versus it XX like XXXX started same expect XXXX you up outlook, short started at the the am range, you close year on Thanks. this what And basis maybe started end looking how and ahead and guidance so I looks like to and in that year? with year, what the fell outlook guidance

Neal Keating

then This is and going back I forward. step think

second through I with year first XXXX, to think did little through later we national we pleased of fourth the of and We as last quarter couple our a bit quarter. we that we as and we accelerated very had look than were times that our then number a growth, anticipated. in particular third the of we organic a from held did pretty say had ramp-up accounts strong comment

I think So help will that us. certainly that

that have will we help fully integrated, a Now of got number XXXX. certainly us them throughout that

quarter. we lost we about the fewer added in year, thing that we one hope year, selling wasn’t backlog last know added of you in our this also the throughout commentary and in as that quarter first million had was day other The I again $X backlog

X% would of at we at been constant So midpoint the would year, the our backlog right we from outlook, growth. if you the about if have have just of plus held – end

acceleration XX% nice up we had about for with from at to least also single-digit the were pleased during January with quarter mid and basis preliminary sales growth March a We April. on

Edward Marshall

you for comments Got appreciate it. I it. Thanks guys.

Neal Keating

you. Thank Alright.

Operator

Thank KeyBanc And is Markets. our you. Steve next from with Barger question Capital

Your line is open.

Ryan Mills

Good is Ryan This morning for Steve. guys. on

Neal Keating

Good morning Ryan.

Rob Starr

Ryan. morning Good

Ryan Mills

was just aero have it the aerospace, the like am Boeing, start with drove what don’t curious to just kind from wanted of you so any impacts about decline? I X% in commercial sounds down quarter, I

Rob Starr

side mean would would on commercial be portion there. be K-MAX. good predominant the contributor the I A that

Ryan Mills

then military that’s in think defense, same the question and ex-fuse, And quarter? for Okay. the XX% I about down

Rob Starr

of be number program, our UH-XX going you and Peru highlight see the a also that’s most programs kind Really, notably our where the AH-XZ, Sure. to of on impact there, to programs. largest defense

Ryan Mills

Okay. And the for have an generation K-MAX for do your expectations what K-MAX? and you average price then are then unit the traditional next

Neal Keating

between for $X $X.XX system exercise K-MAX, and On now. that through we are right pricing we we set and million the unmanned right now not are typically. have million the current going And

Ryan Mills

going then the ‘XX? called driving headwinds I performance And out to am distribution, flat markets, technology was peers about some what end was in some in curious Okay. power XQ year-over-year, fluid just flat

Neal Keating

growth, We in actually lower from power growth but did year-to-year. fluid have

know, we strong comp. much We a tougher had power some bit have it’s others fluid quite don’t as semiconductor, so you bit As did as in think very but year, little last I headwind may of have a encountered. little

Ryan Mills

the And accounts, question, on were at new you what are Okay. last then getting traction of new in of signings? good terms real XXXX, seeing national right end you now

Neal Keating

of with be continue comprehensive and the provide pleased we service can product We accounts we because portfolio to success are them. the that having to line with national

the fold doing a that the guys with we in companies expect the that certainly come great are Our with Kaman job have marketplace. into leverage to and

Ryan Mills

question my taking for Thanks guys.

Neal Keating

you. Thank Okay.

Operator

our Longbow Research. Instructions] Thank is from you. [Operator with Dankert question next And Chris

open. Your line is

Chris Dankert

my question. Hey, good morning for Thanks guys. taking

Neal Keating

morning Chris. Good Yes.

Rob Starr

morning Good Chris.

Chris Dankert

is it the Corps, I you it the guys purposes comment, going for back news of or getting overseas K-MAX ready again? on getting can more this Exciting spooled is Marine the mean extent for evaluation to up

Neal Keating

would evaluation it situation. more this an for At point be

concept been development. out they Yuma, where they at of advanced through have their know, operation you As going had them have

in a operations, that. K-MAX distributed played For role

make back those reset can capabilities we to we ready additional sure a can of program record. and them, want they aircraft that here, So be add come that for

Chris Dankert

the flight internally And just of have control or additional is add-ons mostly guys there? system on Got new that that are it. developed guys working you is there that you kind

Neal Keating

what advanced We – may capability add cannot additional or say the yet to or other to aircraft. they wanting be

Chris Dankert

just the are of airframes? enough. X is other you deliveries clarify, talking sense the any still ‘XX. guess, full-year, for I Fair that then about Fair timing in guys And enough. plan general and then K-MAX X to

Rob Starr

aircraft. still half X towards is the X We the year. of the anticipate other to deliver that Chris, aircraft Yes, plan the back currently

Chris Dankert

so Congrats guys. it. much Thanks, again. Got

Rob Starr

Good, Chris. thank you,

Neal Keating

Chris. you, Thank

Operator

Thank from you. with And our next question Global. Skibitski is Pete Alembic

open. Your line is

Pete Skibitski

guys. Good morning,

Neal Keating

Good morning, Pete.

Rob Starr

Good morning, Pete.

Pete Skibitski

Apologies, I did get late. on

advance these are update but So, the had on order? the big apologies in asked, I few if for approval already questions. huge DCS process $XXX million a Any

Neal Keating

No, the Pete. go this It continues not through at update there’s to time. but in another process, point

Pete Skibitski

a Okay. And week this the or guidance need does that of million, guidance? $X.X the your meet your larger kind does and you of in supporting ago you’re now or order year that guys approval DCS do margin so that order aero recent to guidance fuse supplant your

Neal Keating

We to do our meet of need approval outlook. larger able not be this the to we the order feel – year

Pete Skibitski

everything backlog at okay, point well, in this Okay, is guidance? your to meet fuse

Rob Starr

Yes, Pete, is this Rob.

the of terms our we where support outlook. In expected really so it very be, with the level we it’s comfortable of feel for JPF, backlog to of

Pete Skibitski

– rough the was? great. split us us a you in versus fuses that’s the then first roughly USG X,XXX the of quarter. what okay, you you give Okay, DCS Could delivered And give could

Neal Keating

was like It almost Pete. roughly Sure, XX-XX, exactly.

Pete Skibitski

you curious margins first know contributor I expectations? was aero wondering the I’m the but to relative XX-XX. margins great to quarter was the just don’t in quarter your just anticipated. biggest than here. the And maybe better I’m good versus I were just DCS know the your restructuring, expectations, mentioned aero what prior in then – the if okay, first Okay,

Neal Keating

about profitability multiple us. that news order. of it DCS segment good help the came for drive mix. above average actually, there was the those talked are Pete, Everybody were improved some that the together product knows to JPF that things was that Part margin. We’ve

JPF as And us. at so certainly also thing you of sales, We sales specialty the good higher the helped. other with for for And government – was had the The now specifically, know positive those mix couple XXXX, revenue a and recognition that some below through that, restructuring is bearing U.S. end actions. restructuring also segment we divested engineering demonstrate invested and of services to tooling in average, that we businesses, that and our are businesses, we contributed. the of beginning were benefit significant

that any So, news contributing they wasn’t X was thing. the in X were quarter. put it kind There the the good aerospace factors up numbers to probably or that X first enabled did of

Pete Skibitski

just past? than – Got going it. maybe maybe I I bit guess will margin I’m Got the little it forward profile be kind DCS of your mean, quarterly margin more in but your if wondering always has profile it. matter, smooth will a

Neal Keating

shipments always I rightly as you think will that said it. DCS will Pete, you really – skew – said, DCS

over when think we look K-MAX, on service margin, I sale in make as K-MAX know, a long-term is initial certainly you lower but the up we support. at that and

be were have I impact it’s So, factors. higher we unfair, still it but influenced K-MAX somewhat that if delivery those will not us, could to think by probably number, but a that

Pete Skibitski

question Got Last corporate in $X the okay. out, adjusted that what it, spend the that activities me, on say you was guys you did development okay, for? quarter million for

Neal Keating

unless And when of record we do appropriate. in them an years, of corporate years as complete it’s and comment we don’t. we on spiked a incurred have appreciate, out track pretty that or something, number we usually we’ve Pete, can over either don’t acquisition we’ve we a past development few disclosing you specific good activities costs the

Pete Skibitski

guys me in tech like okay. nice Got of switch last that like to unmanned a It sounds think to you’re you doing one out stuff. the have well? getting you unmanned. K-MAX, Are at Do anticipating efforts some there’s it, it the sounds one blades incremental orders seems be for type I you’re like shot it to as And a – lot car like development DoD apologize, of good you me. do XXXX And XXXX? kind in for you going composites. something

Neal Keating

We the see production. really operators in General both that into aircraft put good since gotten it of it, commercial just a Assistant back Pete. the very of for testimony has It’s We Corps the reception Commandant the were gave we’re Marine with with the we Aviation, pleased for certainly weeks reason couple that the investing opportunities, Rudder, role be get what can ago autonomous for to the aircraft operation. – really their Corps to pleased can important an the back we the were for begin able K-MAX to work about reset the Bloomfield that the to Corps, certainly, generation how of next Marine on aircraft and way play the and Marine with we so

Pete Skibitski

Great, okay, thanks guys.

Rob Starr

Great. Thank Pete. you,

Operator

And our question is Tony from you. Thank next with Bancroft Gabelli.

open. is line Your

Tony Bancroft

Good morning, gentlemen.

Neal Keating

morning, Tony. Good

Rob Starr

Tony. morning, Good

Tony Bancroft

It’s not, the the month – a in article or is catalyst the a past, – I And $X.X that that billion any sense? any just distribution if obviously, of sort regard, update know – business? in we’ve point. make distribution being the the could would or on with any I think there in Bloomberg when discussed update other divesting spinning of decision

Just comments that? on any

Neal Keating

speculation to going to particular, or not make we’re in article, any Bloomberg that. to the as it relates comment related Tony,

Tony Bancroft

Rather, thank you.

Operator

from from Steve Thank is Markets. you. our And next Capital KeyBanc Barger question

Your line is open.

Ryan Mills

distribution Hey, guys. you taking how pricing Thanks and just more panning pricing XXXX? about some again questions. contribution out see for you Can talk and for

Rob Starr

pricing the balance somewhere of X% we expect for X% Rob, ‘XX. between to contribute to

Ryan Mills

provide did you Okay. sales by And yet? month then

Rob Starr

for oh, the the we terms No, in have – first X mean rate months? growth actually you provided first No. of not – the for

Ryan Mills

Yes.

Neal Keating

up yet, through nice pleased were that We Obviously, and closed you is the had strongest the March, sales to as we – daily quarter January had acceleration we our daily we January us to went but happen. sales can but so see XX%, month, out not actually up typically I’m from in appreciate, show really rate the preliminary numbers sure about mid-single-digits. haven’t April

performance. continued So, good

Rob Starr

our expectations, Yes, we’re right tracking much with pretty Ryan.

Ryan Mills

shouldn’t the holiday quarter? from in second any April timing And Okay. impact the expect impacting we

Rob Starr

it it think I does, very if would minimal. be

Neal Keating

distribution we’ll fewer that talked first Yes, year, that X of the fact fact, course kind that one sales when versus obviously, at disproportionate but pick the in year-on-year, thing that will have it a because haven’t up X is about the second I’m sales pick during of does day really we’ll having fewer you asked, that so a quarter quarter. in we the our we year, – day the kind you last in that look up of glad have impact. But business,

Ryan Mills

again Okay, alright. you questions. my for Thank taking

Neal Keating

you. Thank Great.

Rob Starr

Ryan. you, Thank

Operator

Thank you. with Alembic a have And we from Global. follow-up Skibitski Pete

line open. is Your

Pete Skibitski

in the guys, Yes, of forgot in I MAX, of bearings XXX what all impact the This terms grounding business? seeing sorry, at you’re any to ask.

Neal Keating

We little we whether Pete, bit Boeing that Boeing not or suppliers slow earlier not. not work so the to on far. we at so with that down been we that – XXX commented have a all, it’s suppliers to with asked work MAX, the other we are

I think to goes what aircraft is back the Boeing everybody is focused when support effectively on being production. able into

impact had this do impact not in year. not outlook time, So, material the on a we have certainly that for and point we – to any our we don’t think we have will

Pete Skibitski

some one maybe something you me haven’t and I booking this you in there JV guys earnings that this Neal, in I JV. in but then were that I back actually clarification. then there, probably booking a Is And okay. India, were maybe okay, that quarter true? anything asked led it, The read year think Got think about to that don’t

Neal Keating

it mentioned We it, you and we’re that’s because Yes, well right. book I’m line glad below there. doing the really

In fact, on that read, – the BAE – they end what P-X. Boeing do were the awarded for Award they that from a gold in up consoles that’s Supplier the Gold you Systems

what Kaman Barnhart Composites – India Rick to there recently. of in the proud a It’s over accomplish. – has Kineco fall. been over was very a it’s there we’re late able I So, been just has

Pete Skibitski

the And outlook growth Great, I that’s how this imagine look? great. but it’s relatively small point, at does

Neal Keating

of stone to but, small far. to the that to with actually, is relatively us originally, Pete, able in really what’s for trip there, them. are still is so got I the we’ve a was we before It’s was programs And team be so horizon, facility. proud there growth. – The large opportunity went and pleased It of we obviously, a to a Indian that over the part interesting offset see the we’re for participate great doubling last we’re nice those in the lay there very on and foundation still small,

Pete Skibitski

Sounds for help. great. Thanks the

Operator

I’m I And turn for you. Thank call the not the questions to queue. further Coogan back showing James would in like to any remarks. final his

James Coogan

Thank speaking you today’s when with we second quarter again look for results. you conference joining forward our us call. We report on to

Operator

and ladies conference. And in today’s This day. participating program, all with gentlemen, for concludes Have a may thank that, and we you wonderful disconnect. the you

Kaman (KAMN) 5 May 192019 Q1 Earnings call transcript