(RTTNews) - Kaydon Corp. (KDN: News ) said Thursday its third quarter profit increased from last year, helped by strong performance in wind energy segment, which more than offset sales decline in other end markets. Following the news, the company's shares gained more than 11% in the intra-day trading.

The company posted income available to common shareholders of $15.9 million or $0.48 per share in the third quarter, compared to $17.0 million or $0.50 per share in the prior year quarter. On average, 8 analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share for the third quarter. Analysts' estimates typically exclude special items.

Net income for the quarter dropped to $16.1 million from $16.3 million in the previous year quarter.

Third quarter sales declined to $123.6 million from $126.8 million in the third quarter of 2008. Six analysts had a consensus revenue estimate of $97.68 million for the third quarter.

Wind energy sales jumped by 90% to $41.0 million, while Friction control product sales rose 10% to $87.1 million for the quarter.

Velocity control product sales dropped by 29% to $12.2 million, hurt mainly by reduced demand related to the general economic decline in both Europe and North America.

Sealing product sales in the third quarter decreased 18.5% to $8.8 million, due to lower demand stemming from the general economic decline.
Backlog was $250.1 million at October 3, 2009 compared to $354.5 million at September 27, 2008. Wind energy backlog was $129.6 million at October 3, 2009, compared to $181.6 million at September 27, 2008.

Kaydon declared a regular quarterly dividend of $0.18 per common share. The dividend is payable on January 4, 2010 to stockholders of record as of the close of business on December 14, 2009.

For the nine-month period of 2009, the company reported net income of $34.6 million or $1.03 per share, compared to $51.3 million or $1.65 per share in the previous year period.

Net sales for the period dropped to $332.3 million from $390.0 million in the prior year period.

KDN is currently trading at $34.02, up $2.99 or 9.64% on a volume of 1.19 million shares.

To receive FREE breaking news email alerts for Kaydon Corp and others in your portfolio

by RTT Staff Writer

For comments and feedback: contact editorial@rttnews.com