Kaydon Q4 Profit Drops 39 pct

Resource from: CBCC Likes:2937

Feb 24,2009

* Q4 EPS 41 cents vs 70 cents a year ago * Q4 rev rises 7 pct to $132.4 mln * Selling, general and administrative expenses jump 48 pct * Sees low level of interest rates impacting 2009 Feb 23 (Reuters) - Kaydon Corp (KDN.N), which makes specialty ball bearings for wind turbines, posted a 39 percent drop in quarterly profit, hurt by higher costs and a decline in sales of its higher-margin industrial products. For the fourth quarter, net income was $13.8 million, compared with $22.7 million a year earlier. The industrial, machinery, and export businesses slowed during the second half of the year, and within the military business, the company saw a continued shift from higher margin aerospace business to lower margin vehicle products, it said. The company also said the strengthening of the U.S. dollar and a significant decrease in interest income due to lower interest rates also hurt 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," Chief Executive James O'Leary said in a statement.

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