Kaydon Q1 Beats Street View

Resource from: CBCC Likes:2930

May 04,2010

Kaydon Corp (KDN.N), which makes specialty ball bearings for wind turbines, posted quarterly results that beat Wall Street expectations, helped by an increase in orders, sending its shares up 4 percent to a 52-week high. For the first quarter, the company reported net income of $13.8 million, or 41 cents a share, compared with $10.1 million, or 30 cents a share, a year ago. Kaydon, whose end markets include alternative energy, industrial, aerospace, medical and electronic equipment, posted an 8 percent rise in revenue at $119.2 million. Analysts on average were expecting the company to earn 34 cents a share, before special items, on revenue of $111.5 million, according to Thomson Reuters I/B/E/S. Orders jumped 42 percent to $100.5 million. As existing customers rebuild their backlogs, Kaydon said it sees "more meaningful" wind energy orders later in the year. Shares of the company were up about 4 percent at $43.46 Monday morning on the New York Stock Exchange. They touched a high of $43.50 earlier in the session.

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