Kaydon (KDN) Reports Profit Drop, But Wind Energy Biz Up 78%

Kaydon (KDN) which makes specialty ball bearings for wind turbines posted a 27% quarter over quarter profit drop from last year but beat analyst estimates of .41/share by posting .45/share excluding one time losses.   Revenues increased over the year ago just a bit by 7%.  Too bad its wind turbine business doesn’t make up more of the total revenue.  That segment rose 78% over the year ago quarter making it by far its best performing business segment.

“While fiscal 2008 was a record in terms of both sales and EBITDA, business conditions weakened as the year progressed, affecting each of our businesses. Dollar strengthening and a significant decrease in interest income also negatively impacted results. The current low level of interest rates will impact 2009 results through lower interest income and, coupled with lower asset values, higher pension costs.

Kaydon soared out of the gates this morning, quickly running up nearly 15%, but gave most of it back by the end of the day finishing up just 1.5%.

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