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7 years ago
UPDATE 1-Kaydon Q1 beats Street view
May 3, 2010 / 1:37 PM / 7 years ago

UPDATE 1-Kaydon Q1 beats Street view

2 Min Read

* Q1 EPS $0.41 vs est $0.34

* Q1 revenue up 8 pct, beats Street

* Sees sustained strength in incoming orders

* Shares up 4 pct

May 3 (Reuters) - 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. (Reporting by Fareha Khan in Bangalore; Editing by Anne Pallivathuckal)

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