Kaydon Corp. Reports 3Q Profit Drops 4 Percent

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Oct 29,2008

Industrial products maker Kaydon Corp. reported Tuesday a more than 4 percent drop in third-quarter profit despite a double-digit rise in sales that benefited from an acquisition. The company said that for the three months ended Sept. 27, it earned net income of $16.3 million, or 50 cents a share, compared with a profit of $17.1 million, or 54 cents a share, a year earlier. Revenue in the July-September period rose 18.1 percent to $126.8 million, compared with $107.4 million a year earlier. The most recent quarter included results of Avon Bearings Corp., which Kaydon acquired in the fourth quarter of last year. Analysts surveyed by Thomson Reuters were expecting earnings of 61 cents a share on revenue of $135.8 million in the latest quarter. Interest income in the latest quarter fell by more than two-thirds to $1.5 million from $4.7 million. For the first nine months of the year, the company reported net income of $53.3 million, or $1.67 a share, compared with a profit of $55 million, or $1.71 a share, for the prior-year period. Nine-month revenue totaled $390 million, up from $327.7 million a year earlier.

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