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Kaydon (KDN) Beats Street But Outlook Cautious
Kaydon (KDN), the ball bearings maker (play on wind energy) posted better than expected quarterly profits on strong sales helped by growth in the wind market but its full year outlook was cautious sending the shares down more than 12% and slicing through its 200 day moving average.
The company a profit of .64/share, besting analyst estimates by a penny but growth in the wind segment was tempered by deterioration in the legacy industrial businesses. Wind energy sales totaled 34.9 million for the first 6 months of 2008 as compared to 11.5 million over the same period last year. They have already exceeded sales from 2007 in the first half of 2008, but wind energy sales still make up just a bit over 10% of all revenue.
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