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Kaman Won’t Immediately Correct Financial Misstatements Spilling Into Third Year
Aerospace firm has understated costs and overstated inventory value for years.
August 3, 2023
Kaman Corporation (KAMN), an aerospace and defense components maker, misstated its financials in 2021, 2022, and again in the quarter ended March 31, 2023. The company acknowledged errors in how it accounted for certain labor costs and the value of certain inventory.
In its latest quarterly report, Kaman corrected only a portion of the errors made over the last three years including:
—Overstating the value of inventory $4 million, or 2.3% as of December 31, 2022
—Overstating net earnings $0.4 million, or 5.7% for the six months ended July 1, 2022
—Understating comprehensive loss $0.4 million, or 7.7% for the six months ended July 1, 2022
Rather than immediately correct its 2021 and 2022 financials, Kaman will wait until it files its 2023 10-K.
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