KAMN - Earnings call transcript Q1 2021

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Operator

Good day and thank you for standing by. Welcome to the Kaman Corporation first quarter 2021 conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. today's being that advised be conference recorded. is Please Instructions]. [Operator turn over Vice to I Investor would speaker conference to like Development. Coogan, now your the today, and Corporate Relations President, Jamie proceed. Please

Jamie Coogan

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

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

measures over earnings will With with Reconciliations in Walsh. I to turn X-K. certain are are GAAP defined measures, Ian and that non-GAAP that, the regulations. information SEC We to company's the yesterday's applicable call release in included discuss to also expect filed as the rules

Ian Walsh

we brief product and quarter to Thank you I a on and like an our today's key a followed couple updates to our everyone then begin financial fewer tough products commercial XX.X%. more was versus XXXX, deliveries a $X.XX. XX favorable our and organic timing benefited of line results This net XX.X% to industrial which in and Rob the morning over efforts. quarter internal of on declines prior with you in partially Option earnings categories which was a year, earnings per the QX anticipated expected control of call expectations, turn down sales on our faced plan first for thank the with diluted of by for off Jamie. this These the the quarter. operational offset summary discussion sales were of detailed the program efforts. sales in are JPF declined R&D I the closeout aviation joining call. of of from of USG XXXX our our would by our and detailed start JPF quarter, we a the medical products. impacted with for Compared we to for Good fourth ahead update deliveries, customer minimally a our guidance will demand call were XXXX for $XXX.X profit cost million good by our contract modestly as call, Relative These to and quarter particularly of recoveries our share comp results strong and pandemic.

prior comprehensive of volume the was first sales quarter again, higher and performance but current of from down result the lower margin up XXX year Our flat quarter. sales which, cost orders. SG&A general was sales, JPF weighted period mainly as of from with EBITDA of in impacted Recall, the our control with coupled percentage JPF remaining first quarter margin by efforts, Despite DCS sales, The sequentially. products basis lower $XX.X our points XX deliveries a our points aviation mix on or first our lower was the XXXX higher adjusted volume largely an basis XX% year-over-year adjusted commercial to quarter million unfavorable pandemic. was results profit sequentially in benefited

to our with bearings offerings and our beginning products. product specialty Turning

XXXX compared As down anticipated, of to the sales first were quarter the to due of impact COVID-XX.

we categories components. to airline traffic of and vaccination second and Furthermore, And by this strength evidenced the as seals rebound are but bearings quarter continue our as when by United our recoveries to be the remainder our self-lubricating the two these partially year, sales to prior bearings pandemic we engine half for rates as to of impacted by bearings increase strong in Our Sales flat expect year. of be compared our sequential the products, bearings volumes. was commercial offset for begins relatively the sales XXXX. springs, aftermarket to rise will ramp by towards the as the continue weighted contacts ahead led States, miniature from This well the of XX%. in commercial aerospace anticipate performance are significant a pandemic they in which commercial lows remained sensitive headwind in industrial through in product and

we the products particularly continue in XXXX, which for of are now Importantly, or the balance implantable medical expect products for Similar pre-pandemic sales second these of expect in at approaching through to products to order our the these in for elective XXXX to of support balance first improved performance benefit increase medical levels bearings, the our expected year. we quarter an the half. surgeries, rate and

profit with approximately to our DCS below Turning program. less USG in delivered XX,XXX fuzes delivered of contribution the to the during programmable joint prior due fuzes. and We we units quarter, the mix favorable fuze X,XXX the year

historical to deliver for this delivery XX,XXX levels product. XX,XXX We plan year, this to on consistent fuzes are with

completed program. We sell the four the prospects we April one We both unmanned we delivered for during first programs. And and K-MAX our the at to our our K-MAX unmanned TITAN. test the the continue for in And optimistic flight Looking year, period. of helicopter, to about new total. remain K-MAX aircraft in manned expect aircraft full

first to the a strong start for results quarter represent XXXX. Our

As based aviation recovery year on move ahead, in ramp-up our business our performance in half. meaningful we commercial an we as expected second the continued through a look the have confidence with we in

call Before update also like turning the R&D an our I to initiatives. provide some on to over would Rob, of

of of command which distribution our initially, As part XXXX, divestiture build as culture our we shareholder rich at in a tremendous drives our we has XX-year to the industrial refocus efficient history. efforts outlined saw through throughout to value lean a and opportunity been core our innovation, that

provide in We opportunities on have two have investing update we exciting working on. various R&D diligently and been to pleased I an am projects been

our using production process products for our using our improved we new cell TDH. customers. highly unique With to provides the material process, proprietary hardening manufactured able lightweight titanium-diffused that efficient, during opened are this weight components our both First, durability we and reduction high-load provide or quarter, for TDH

to bringing of and meaningful efforts on are like from to core to Kaman. this technology a customers. differentiator innovation in prove for type to driver We development customers, incredible and product for aerospace defense are focused strong by and While congratulate efforts this market. encouraged initial And its team this be will the I feedback would believe our marketing initial our we prospective industrial medical

autonomous Second, cargo we unmanned, the investments continue of to make our technology. in development

or of completed commercial pounds. a capability applications designed of allowing earlier, advances system is autonomous operate the with to in any military customers autonomously for location X,XXX mentioned This unmanned weather. new ability lift flight in our in the both unmanned This first test up K-MAX we position lift, rugged leader our As test our April. TITAN to as and

have and to addition to requirements million next with serve potential a heavy purpose-built lift, committed software of technology our in In R&D additional we for a have medium lift the recognize lift to development higher market. opportunity generation aircraft, and have addresses much addressable in substantially expected lift new volumes. customers, which a effort, To air we an we begun duty incremental our $X.X our spend wider coordination application support is in core leverage XXXX. UAS This unit this will provide we

to to in of our meaningful has a disclose we coming investors be overall years Although developments quarters. bit each and forward updating to coming contributors the product in it to is look believe initiatives the early the these capability on we specifics, portfolio

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

Rob Starr

you remainder of the and everyone. Thank I morning Ian quarter for Today good first our results outlook walk through will you XXXX. to our turning before

former the During $XXX.X were to sales from net XX.X%. U.K. continuing in million Organic our $XXX.X sales, operations first year. when XX.X% sales quarter, decreased operation, with million, associated compared prior which excludes the down

we close favorable As expected, by our partially industrial on commercial our markets adverse XX were an JPF Option first volumes, performance products JPF our impacted our effects the lower offset our of and by as DCS aerospace contract COVID-XX USG on and in quarter contract. increase out results

and COVID-XX vaccines see recover commented, pleased to and medical has are we as to Ian industrial begin end to As our rebounds economic markets activity both rollout. continue

Turning to markets. were by and driven fuze sales. and higher down year prior Defense overall DCS first our XX.X% year expectations the result of volumes the in DCS quarter and the in XXXX included our our with of joint normally program. as our down decrease of compared was see mix This period JPF the reflects sequentially. of we quarterly fuzes USG fluctuations the end programmable fewer ago in The XX.X% sales deliveries and was with line

the general aviation ago markets the XX.X% As and year sequentially. when down commercial expected, to period in and were sales XX% compared business lower

through first to XXXX. While of products in half the forecast we year, half meaningful the sales a of rebound we back commercial aviation to of the continue more our recover expect

anticipate platforms encouraged these this we In to our are addition and prior and and relatively have these general of in seen and the partially the the range increased products. compared year offset the our end by in product XX.X%. We for to of in aviation period Sales recovery are course declines. sequentially were flat year markets market we order over diverse continued support rates medical portfolio broad business expected

were for sales up and Finally, markets X.X% end ago our demand bearings. X.X% improved miniature by our period driven in from the sequentially, industrial year

order the for Gross over the rates in period of mix SG&A $XX prior weighted the XX.X% was first global basis first as $X driven period. for heavily which and compared the JPF to products from million these point quarter sales strong of decreased quarter decreased prior million by margin continue seen have more XXXX conditions year the XXX overall the importantly DCS the The in year. to our for sequentially. We XX.X%, decrease improve. was economic the primarily sales higher quarter of more XXXX was margin to

efforts structure As decrease the take quarter first profitability. the of first million, sales the us and margins first of first SG&A fourth Restructuring operations severance in basis volume year. $XX.X from quarter adjusted XX.X% or from compared continue to quarter XX.X%, was was in EBITDA period improved as of $XX.X cost on quarter maintain SG&A margin quarter. million or million saw expenses of million prior in continuing lower was XXXX drive a controlling sales, Sequentially, of in to of our and the $X.X percentage the to the to XX% allowed manage sales, XXXX. in the our compared gross $X.X point we XX while improve a to our to actions EBITDA the we sales Adjusted

million We an manage cost to acquisition. This growth. of in make evaluating of a ensuring our key income on On to and our drive Bal prior operating Seal compared impacted to recorded for TSA with million, investments while are associated operating reduction the by cost consolidated $X.X lower first was our cost the loss structure basis, to continue year. non-recurring some continually incremental quarter we absence future we the $X.X closely costs IR&D result programs business our of of of continue and opportunities

mentioned agreed sale of transition As to certain previously, during services with distribution, provide period. the we the

of first expect year. prior associated and to completed share earnings $X.XX compared diluted quarter with in on of continuing an of term. on net composites current severance activities the and the cost business. closeout of this per loss our agreement basis share U.K. a basis final We have of the on these loss substantially of We the $X.XX operations the per sale diluted adjusted GAAP from adjustments recorded the during finalization the near and adjusted XXXX quarter in The all a sale included $X.XX of distribution restructuring and our of earnings our or in

$XX cash the adjusted million cash flow free we million to payment million. prior-year $XX During period. the of employees $XX Bal of a first $X.X usage free made million flow of we the had retention to adjusted generated for in usage quarter, compared the in Seal quarter, When

specifically more quarter, on the outstanding in collections million in receipt improved the from of benefited results Our receivables. $XX payments JPF approximately

of additional Our unchanged the R&D full expectations, associated $X.X our the technologies of our with Ian prior inclusive of year expenses unmanned XXXX development million mentioned from remains outlook earlier. for

our the will signs We over expected turn in performance are the that I quarter first the by in Ian. recovery of confidence provide half encouraged back the With to positive and in back call see the which year.

Ian Walsh

Rob. Thanks

implementing the end our quarter improved invested to pandemic, we continue designed the all and performed across flow we delivered expectations. return impact see and focused first excellence internal EBITDA recover markets results we to of While is positive operational the in cash on serve results. model global capital drive margin, businesses. This the above on free are our and to from well remain We our starting

the progresses, in as as highest products margin the performance of We the of our volume poised accelerate. of many are half consolidated meaningfully begin year to year back improve particularly to

we As of structure with cost path to product profitability are on and portfolio with even the stronger and a leaner a lines. higher businesses result, an

R&D will efforts continued accelerate Our allow growth turn to development years. strategies I now back the will in call Jamie. our the coming to us

Jamie Coogan

first have may question Operator, we Ian. the Operator? Thanks please.

Operator

GAP] [AUDIO

Jamie Coogan

Hi Steve.

Steve Barger

hear Yes. didn't I announcement. Hi. an

time. frame of good. timing help three meaningful up by market for be So us you just expectations over initiatives could to those opportunity reasonable mentioned the said, you you Ian, the each and rank benefits? contributors Thanks. Could

Ian Walsh

you about what am Yes. was Steve, I I two. said sure third I And is. can. three. the not talking

Steve Barger

am sorry. the TITAN, The TDH and I right? Yes.

Ian Walsh

Yes.

first said, This cell it. right around very science. Very of This has now Proprietary the we got engineering I material like TDH is several in is, years. been certified. have for work strong So level marginal. year

just it are introducing We customers. to certain

When in in the TITAN Like the Marine incremental we year. by would just nothing significant. We that it which I but first years medium that's in next the said, see really that's that ramp-up Corps have test K-MAX, work of three more two, got other sales comes testing I successful to to bit of and two the is significantly. to funding and some term, flight. program, development little there, our a had this say

probably year got but significant it prove demo the funding of we hard better to the We Timing to tell, a by in wise, next of level development see end or when not but year. have big take next to want is the out. of significant later operational to of kind level and

to opportunity not is is stuff. something concept me this other that, again, The

We the are already development phase. in

year think the the partner I year that are that's where year into going and situation intent also by we with of four. three next a year the will then funding that next internally us services this with and end

we So a window expect we to sales. would on in that opportunity are five-year see

Steve Barger

you about potential come may a the And thinking you But envision get exposures? top? be with this high digit growth, you this trying you Or understand organic just longer given for market a term and portfolio do to single single tough it. to have expectations. thinking this your reasonable on Just question more mid how are some to growth about Got end answer. Is to portfolio low how M&A digit as growth? sense are M&A., steady being

Ian Walsh

understand. I No.

on I market hard to now tell in think are the it and in. we right depends segments the that it's

the I through. everybody goes for of think cycles where So understands defense in sits that that example, kind

very I two the to initiatives I the the for about, us, term, drive being think, to by think, higher But that's things I longer very in three five seeing relative sales see very window. so out. play QX on near waiting Again, we we recover how I us term a for nicely. far. are think, encouraged The for to year still longer talked what are optimistic going to it's some, business, to level going is are just and to commercial we

low we think I in stronger double growth where are is see going side. the digit medical to

bit pacemakers, have the look feel a got anywhere be and we our think X% five the market again, growth XX% a on on to to we neurotransmitters now you very segment in of significant are for from kind content example, next we somewhere going If have got the right businesses getting, at I little we content growing but neighborhood, trends the frankly. a In that's that, and reports same That's to are to years. going five range is in over where industrial, in better see years. that next of quite three comfortable

Steve Barger

the mid of really digits, kind basis? That's I low guess portfolio And you good back detail. does that organically that bring to a on out, as single just to just net normalized

Ian Walsh

digit of kind I a more average. on performance predict higher single Yes. of

Steve Barger

near great. one more term. me That's and last And from

better and likely Do more ramp? that seals you much both You XQ up be can and given spring XQ, that said should the contacts is expect a how see and half. Or you XQ bearings have back just year-over-year?

Ian Walsh

have I a little closer. look to numbers at got the bit

are year-over-year, bit we depending better be, on how ramp goes. right perhaps now. think I to hard the probably tell that's going But to a little

Rob Starr

this is Steve, Rob. Yes.

are we particular relative markets. think a half, are in the the certainly, first we significant half expecting second ramp to commercial I very on

If relative bearings. we growth within commercial levels significant our markets the sequentially the in in really rates to very we our where quarter, those of units you are both all medical specialty look across our and markets and order were of seeing at fourth in

So by are that. we encouraged very

Ian in the the I So was year-over-year think, back following what see just mentioning, expect of we half to year. up on do improvements

will deliveries. of down And to some K-MAX also of come that timing

Steve Barger

Right.

Rob Starr

know, the needle minus. also that meaningful play point given or sale there, role. will as the a And plus you That move can

Steve Barger

All Thanks. right.

Ian Walsh

Steve. you Thank

Rob Starr

Thanks Steve.

Operator

Instructions]. [Operator

comes question with Our Pete Alembic next from Global. Skibitski

is open. line Your

Pete Skibitski

second little bit a Good just Rob better to Hi feel and and Ian Jamie. morning, I the for get quarter. want Hi. guys.

XX% Part running it JPF, of here. have kind backlog of off. got in sequential we was this I So guess, drop

big bearings running expecting the be of of quarter are chunk in sequentially kind be to because Are up looks part bearings first coming new down. grow expecting you sales in think it, orders in? the second And another backlog to quarter? to I and up also you

Rob Starr

Yes. Pete, Rob. of things. this couple A is

improvement, to over expectation current That expectation. QX. Our QX is is our see

with mind shorter keep our is, in businesses as over to general. think in in the thing that as are other our side when The those Seal well bearings transition much we business cycle on we about as lead portfolio towards market, time Bal

those to significantly So year. what through that, did see I anything up of roll can as we continue to very rates that see the of tell balance expect is we you we sequentially both don't in order and the

As a matter good pretty about the given for feel fact quarter, just of visibility we outlook right. we QX, the the for have,

We are sitting in here early May.

rolled we We not reviews as up at are why April our in we in with certainly results which forecast, leads, confident outlook the the is P&L this point. remain yet. But holding our have

Pete Skibitski

Okay.

lead and So that short ship on the these the so are see wouldn't bearings can quarter and end of quarter you we never within and times are medical it products the is saying? backlog, it at even book you what

Rob Starr

orders, That's and orders certainly correct. over go quarter absolutely will Pete, I yes, there ends. quarter within ship, are But yes. we that see certain mean,

Pete Skibitski

looking Do be that would seeing. Middle revenue good going upside lift the East, on you other this your weapon feel review sense guys I East are done one, of from a of seems seeing to its here, lot Okay. the having orders guys Biden like you have expect then quickly they reading pretty the lifted? about sales. that? to what like fuze kind you administration be It Are am do And I of from year. I on? what's Are restrictions the am a restrictions Middle to

Ian Walsh

Yes.

already of re-loosen And are not and My the things, relationships that relationships, exact you have reestablishing about they se. I certain up, things cycle this relationships seen your seeing administration. know each think down through nine have they we same go time. I and into reorganized expectation point this significant this same last countries the I per new is cranking start think because month are window to pausing, are and eight But Certain and I to go on I then have. before, to said countries they different we the Pete. are country again, everybody with

am that. I just So hold. by orders been these that on encouraged been are Again, simply They have haven't canceled.

next is that to my what think sense happens. XX-XX by certainly I year, this start depending open So on year, those But will probably up things it's again.

Pete Skibitski

your And that a its for Or occurred is strong of, give particular, I additional from last helpful. you to do Okay. us from Is appreciate guess. guys so still narrow-body obviously, chain that in has that inventory. through needs sense if lot that sense me. come MAXs product of a aircraft, Do product for deliver of of color get you Boeing I the year? you a be guys has own the you demand that. sense of, some on Do to to the have No, the see still? have shipped supply in the kind you then just guys that's of in lot thinking? one back it. own are your got particularly going we destocking there still a half are Or and have how XXX that

Rob Starr

before is to sequential see levels part back had the in half Boeing particular, which going a certainly Pete, is certainly a expect their next And year do year point, narrow in Boeing the the very I we at will in And content early the have commercial, in play whether MAX. pandemic that they achieve We bodies. as the mean to platform. have rebound XX in MAX on been toward of we we your had whether that it would begins Rob. anticipate of as improvements level be would MAX. with we a good Boeing, than be XXX it Airbus, of before their orders. and month, Granted improvement Yes. where ramp XXX lower our this seen issues to XXX

working have or going XXX to are is month. to not Spirit XXX as people their think to relates surface they issue. of the I expecting relatively with be term changed. five hopefully able it that mean generally long AXXX, issues shouldn't kind per some of call are expectations Boeing about that I quickly a issue be it on. Those let's up on flat, clear

we unfolds factor So out how of plays this large that and be a how out, pandemic through plays vaccine XXXX. the how are what encouraged how in out. very balance course, really the will things playing remain by And the rollout of means

Pete Skibitski

All right.

Thanks Okay. for the guys. color,

Rob Starr

Thanks Pete. Okay.

Ian Walsh

Thanks Pete.

Operator

Thank you.

Seifman question comes Seth JPMorgan. next Our from with

Your open. line is

Seth Seifman

Okay. in like I Thanks the much it on the the deliveries annualized everyone. very and morning the good kind guess of quarter JPF, in guidance looks to range. something that's

kind we of the next does come As one mix move And through year, having when the B, of expect do the order how lots, in? of A, change? then, end reached to you the the

Ian Walsh

your your more the question, Seth, of a a quarter mix. be different DCS, first is which Yes. year first of It nice. will shift. the part The was rest be point, will the to

got play. of XX is XX have Option line ended We of in year. sight that. last to we all Option said, Like

us opportunities DCS, keep the those orders again, around are still this volumes. XXXX. we it's XXXX Now are working And on that into still that's it side a we just little shorter. into time will DCS. level. XX encouraging of have a try around FMS. take different The it working range before, dynamic, and those to Option bit I on for is that goes lower we congressional And are They year, this have notification cycle USG is because said

on the bit. that loosening about their little anticipate We We talked that. up of the folks in administration, a plenty So pipeline. position

second you half the year. will that see be yes, in So shift favorable the of

Seth Seifman

and Right. And Options are XX, are those those backlog? in the XX

Rob Starr

this We occur mentioned, Option the to second is Rob. Option award Yes. XXXX. to will that And is the Option expect is Ian as backlog. Seth, XX the this in currently in of XX half production not. XX take year.

Seth Seifman

that the then a with to to business, of low-XXs Okay. sort that year-on-year. we QX that that Seal one in came run quarter medical And you around When of for the since piece Great. is XXXX where the think flat saw lot pandemic and sort incremental rate thing, right relative a this almost about of up and of piece the QX Bal XXXX? business, in is normal per back guess where I of time

Ian Walsh

Yes.

certainly indicated still be other I back There below forecasted, to, have levels. are of good say, it, the ago, year what pre-pandemic are we call would still There call Seth, as we let's rebounding, let's some and even are would though is work still, it, So to is question. procedures elective a we done. kind they right. surgeries

given there to way. Just we physicians, still is still some a this is to visit and bought people much reluctance very certainly we it view Seal for When continue COVID factor. Bal their

business long term, high the Over let's deliver, that we it, expect digit to call single growth year-over-year.

to so, me, long-term that is really perspective. the And

the efforts, have product BD right We efforts. development

business very So term confident where we feel going. it's long with that

Rob Starr

exciting for this just coming the talking going Seth be And Yes. us reviews looking, business strategic up which month. recently is got teams with and to we have actually a cycle of lot in the massive. U.S. strong also Bal is Pacific growing is for But seems very actually recovering Seal market. Rim, faster. be market The addressable the Asia-Pacific, market to a The a

to see years. topline excited them we up of couple So next the over really their are amp

Seth Seifman

as just is one, last pipeline the you difficult normalized pandemic? on How transactions And we are the coming look? out Okay. of type on the seeing to of maybe how Great. landscape? before M&A progress make see does numbers then the more out what And from Thanks. companies it

Ian Walsh

M&A piece us. important the certainly us, is for For

filters. have We redefined slightly our

a We of lot are looking hard great opportunities. really at

Our is funnel, full. to point, relatively your

in some very we we the about. are things that opportunities some out near so term got have excited And there. Certainly exciting

EBITDA We conversion and want and that assess hitting margin sure ROIC all around them. We they cash over continue flow to to are make and the free time. right criteria

after the pipeline for anything highly fit going in to so are go after just we We come. of the great. want about. talked something. of parts it the to which And which So to we about again to are And not looks business, the sake really what's continue is it. our going we far strategy excited And into engineered really assess we

Seth Seifman

much. very Thanks Excellent.

Ian Walsh

Thank you Seth.

Rob Starr

Thanks Seth.

Operator

Instructions]. [Operator

a Barger is Steve follow-up Capital Markets. question KeyBanc next with Our from

Your line is open.

Steve Barger

Hi. Thanks.

on you while are back that do to work you take those hold. would the to away? that the If back the ramp-up Or have it to right orders production schedule? a capacity opens up, Going into

Ian Walsh

do. We

the The very have have job. lean a the our of effort, We in have Florida, both redone folks we done Certainly massive sites capacity. nice facility at down lines. our

productivity very to And come and ability should ramp-up. orders efficiency the in, those is the now. we strong have right do So

Steve Barger

of adding Okay. the of you just the have it you factors know And filters. take M&A having and for of Can level next are what team going gating talk are just you on reworked resources some to said I that those focus that about to the been you filters the have diligence? team you deals are some to or

Ian Walsh

Yes.

of looked mean We we groups. through at described businesses. at total We portfolio relative peer I strong before, an very the shareholder looked things that terms exercise, exercise return the from, looked solid. was we went filters, really I we currently a the In it of at really that provide really had statistically, criteria that our to the our

that We into have filters. our mapped

that target there five-year on quartile understand window. business what at is And of we now. all the term. we business, will looking achieve, are to fit takes can which it synergies we what here And in looking really performance over that we team the plenty see M&A to improve are things. price it around to depending that multiple to And out look that those the to a a capability we our of those, near it, we opportunities right part or plays of of of the of So really the we the have side how center top it at for type the us. at think what and those are that's And want get again, back criteria

Steve Barger

you a clearly timing it's predict be the And you, say, M&A, few for you I but it can of right. deal know fair in can't you Is disappointed never to if next a close the focus quarters? would

Ian Walsh

fair. that's think I

Rob Starr

Rob. is, priorities that's Yes. clear want I thing. our Steve, broader just would This just to one very are unchanged, deployment make sure capital is right.

And Ian have role. retain mentioned, clear integral that very as there. play very M&A our will we a We discipline will been

Obviously investments. continues the of to play investors. overall return also return active, part are is shareholders our looking pipeline So we picture to capital the internal of for an important at but

this So we highly just in remain disciplined effort.

Steve Barger

Thanks. Understood.

Rob Starr

Thanks Steve.

Operator

Thank you. I time. over this remarks. back showing call Jamie Coogan for would am the questions turn to no further I closing currently And at

Jamie Coogan

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

Operator

call. This concludes conference today's participating. Thank you for

You disconnect. may now

Kaman (KAMN) 9 May 212021 Q1 Earnings call transcript