Kaydon Q2 Tops View; Raises Q3 Dividend

Resource from: CBCC Likes:2944

Jul 30,2010

Kaydon Corp (KDN.N), which makes specialty ball bearings for wind turbines, posted quarterly results beating Wall Street estimates, helped by an improvement in orders, and raised its third-quarter dividend by 5.6 percent. Kaydon raised its quarterly dividend to $0.19 per share, up from $0.18, and said it expects more significant wind orders in the second half of 2010. For the second quarter, the company reported net income of $17.8 million, or 53 cents a share, compared with $8.4 million, or 25 cents a share, a year ago. Kaydon, whose end markets include alternative energy, industrial, aerospace, medical and electronic equipment, posted a 24 percent rise in revenue at $121.5 million. Analysts on average were expecting the company to earn 41 cents a share, before special items, on revenue of $115.7 million, according to Thomson Reuters I/B/E/S. For the quarter, orders jumped 60 percent to $108.2 million, while wind energy orders almost doubled at $12.1 million from $6.1 million, Kaydon said. Backlog as on July 3 was $186.5 million compared with $242.8 million on July 4, 2009, the company added. Shares of the company closed at $36.78 Wednesday on the New York Stock Exchange.

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