posted a 9 percent decline in first-quarter earnings,
KDN reported earnings of $16.6 million in Q1 2008, compared with earnings of $18.2 million a year ago. This 9% decline was caused by higher costs in its wind energy expansion projects and a drop in interest income.
Kaydon Corp. announced that its third quarter profits declined by 2%. The decline in profits was a result of increasing cost of a wind-energy project and re-location of one of its units. The company’s net income fell from $17.6 million (55 cents per share) last year to 17.1 million (54 cents per share).
Deutsche Bank downgraded its ratings for Kaydon from ‘Buy’ to ‘Hold’, stating that even though the company has a few good opportunities, the share price has increased by 40 percent in the last one year, and hence, it is susceptible to a slowdown in the economy.