Kaman Corporation (KAMN) recently announced the sale of its manufacturing facility in Moosup, CT to TD Development, LLC. The facility, owned by the company’s subsidiary Kaman Aerospace Corporation, has been idle since 2004.

As part of the transaction, Kaman Corporation will contribute roughly $4 million in cash over a four-year period, to fund the necessary environmental remediation activities in the facility. Also, the company will record a pre-tax charge of $2.2 million in the third quarter of 2014.

Kaman Corporation released its second-quarter results in Aug 2014. A brief description of the quarter’s results, especially of the company’s Aerospace segment, is provided below:

Earnings from continuing operations were lower-than-expected, coming in at 59 cents per share versus the Zacks Consensus Estimate of 63 cents. Further, the bottom line was 11.9% below 67 cents earned in the year-ago quarter. Revenues grew 6.3% year over year on the back of healthy performance in the Distribution segment.

Revenues at the Aerospace segment declined 4.1% year over year. Operating income, impacted by an unimpressive top line, fell roughly 7%. Operating margin was recorded at 17.2%, down 60 basis points from 17.8% in the year-ago quarter. For 2014, Kaman Corporation anticipates generating revenues of $640−$660 million from its Aerospace segment. Operating margin is anticipated within 16.5−16.7%.

The Zacks Consensus Estimate for Kaman Corporation is pegged at $2.46 for 2014 and $2.87 for 2015. These estimates represent year-over-year growth of 13.6% and 16.6% for 2014 and 2015 respectively.

With a market capitalization of $1.1 billion, Kaman currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry include Metso Corporation (MXCYY), IDEX Corporation (IEX) and Middleby Corp. (MIDD). While Metso Corporation sports a Zacks Rank #1 (Strong Buy), both IDEX Corporation and Middleby Corp. hold a Zacks Rank #2 (Buy).

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