=DJ Kaydon 2Q Profit Falls 57%; Results Well Below Estimates

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DOW JONES NEWSWIRES

Kaydon Corp.'s (KDN) second-quarter earnings slid 57% on sharply lower demand at most of the company, as results were below analysts' expectations.
The maker of products for the alternative-energy, aerospace and medical industries has been facing a slowdown in most of those business. In response it has been cutting jobs and other costs.
Chairman and Chief Executive James O'Leary said while the wind-energy market "had greater sales stability" than its other markets, growth was slower than expected amid the recession and financial crisis. Sales to the wind-energy market edged up by $600,000 to $19.8 million, while other businesses saw sharp sales declines.
Kaydon reported a profit of $8.4 million, or 25 cents a share, down from $19.6 million, or 63 cents a share, a year earlier. Revenue decreased 30% to $98.3 million.
Analysts polled by Thomson Reuters most recently were looking for earnings of 31 cents on revenue of $111 million.
The company's backlog fell 11% during the quarter to $242.8 million. From a year earlier, the wind-energy backlog was off 18%.
Shares closed at $33.94 on Thursday and didn't trade premarket.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; tess.stynes@dowjones.com

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(END) Dow Jones Newswires
July 31, 2009 08:39 ET (12:39 GMT)
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