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Kaydon Corp (KDN) Misses Expectations
Kaydon Corp (KDN), the maker of specialty ball bearings for wind turbines reported less than stellar results this morning but managed to hold up reasonably well today, off less than 1%. Undoubtedly, much of the negativity has already been priced into the stock which is down more than 50% in a month. The company reported Q3 EPS of .50/share, .11 below analyst estimates while revenue was about 9 million below consensus estimates at 126.8 million.
The CEO said that the wind energy market, which accounts for about 15 percent of the company’s revenue, may also see some weakness in demand in 2009. The company sees wind energy revenue of about $90 million in 2008 compared with $32.8 million in 2007.
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Oct.29
[...] reported yesterday that Kaydon (KDN), the maker of specialty ball bearings for the wind market reported so so results [...]