BLOOMFIELD, Conn. (AP) — Aerospace manufacturer Kaman Corp. warned Thursday that its results for the current quarter will come in under expectations because the company has suspended production of a certain type of bomb fuze for the Air Force.
The company said a component for the Joint Programmable Fuze from a supplier failed in testing, so it halted production of the fuze at the end of June.
The halt will reduce sales for the second quarter by about $25 million, Kaman said. It now expects to post revenue of $310 million to $320 million for the quarter and net income of 15 cents to 20 cents per share for the quarter ending July 2.
Analysts surveyed by Thomson Reuters project profit of 39 cents per share on revenue of $324 million.
For the full year, Kaman now expects revenue from its aerospace segment of $465 million to $475 million. It had previously expected revenue in line with last year's $501 million.
"The technical failure was caused by the same component with which we have experienced other issues in the last six months, although each failure has been in a different mode," said CEO Neal Keating in a statement.
Kaman issued a similar warning in March, for its first quarter.
Shares of the company added a penny to close at $24.76.
