Kaydon Acquires Bearing Company, Reports Lower Earnings

Resource from: CBCC Likes:2935

Oct 30,2007

Kaydon Acquires Bearing Company, Reports Lower Earnings Kaydon Corporation (NYSE:KDN), an Ann Arbor-based bearing maker, announced Monday it acquired Avon Bearing Corp. for $55 million in cash, in a deal expected to add $30 million to the company's 2008 sales. On Monday, the company reported a decline in its third quarter earnings to $17.1 million, as compared with $17.6 million in the year-ago quarter. Sales rose nearly 8 percent to $107.4 million. Kaydon earned 54 cents a share, a nickel off the average analyst estimate.Kaydon said the quarter's results were hampered by a $1 million charge related to its wind energy expansion project and the relocation of a part of its sealing products business. Peter Lisnic, an analyst from Robert W. Baird & Co., wrote to investors that Kaydon's Friction Control segment was the largest driver behind the shortfall. Kaydon told investors sales to the military, non-wind heavy equipment and semiconductor markets were lower than last year's third quarter, but that sales of split roller bearings and sales to machinery, wind energy and medical markets were up. Kaydon said it ended the quarter with a record order backlog of $211.4 million. Kaydon's stock (NYSE:KDN) closed down $2.49 at $52.81.

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