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WIKI ANALYSIS
Kaydon (NYSE:KDN) primarily sells friction control bearings and filtration products, and is the leading manufacturer of wind turbine bearings. It competes against the big three U.S. machine tools & accessories companies, Timken Company (TKR), Stanley Works (SWK) , and Kennametal (KMT), as well as global leaders in the bearing market such as Swedish company AB SKF (HAN:SKFB), Japanese companies NSK LTD (TYO:6471), JTEKT Corporation, and Minebea (Miniature Ball Bearings), and German company Schaeffler Group. KDN's sales total is 18% as large as KMT's sales total.[1] At the lower end market, Kaydon also faces increasing competition from low-cost manufacturers from China.
To make up for lagging behind TKR, SWK, and KMT, Kaydon has invested in a booming niche market -- wind energy. Installed wind energy turbines in the United States grew 45% in 2007[2] KDN has established itself as the market leader in wind turbine bearings and runs a facility in Germany -- the world's largest wind energy market. By investing in wind energy, KDN hopes to reduce its dependence on the struggling automotive industry (19% of sales). This strategy gave KDN higher 2007 revenue growth than SWK, TKR, and KMT.[3]
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Competition
Machine Tools & Accessories
- Kaydon (KDN)- Leading manufacturer in specialty bearings, especially wind turbine bearings.
- Timken Company (TKR)- World's largest manufacturer of tapered roller bearings and steel alloy.[4]
- Kennametal (KMT) - Leading global producer of tools, machine accessories, and advanced materials and second largest metal cutting tools manufacturer in the world.[5]
- Stanley Works (SWK)- World-renowned brand of consumer and industrial tools.[6]
- CompX International (CIX)- Manufactures security products and precision ball bearing slides.[7]
- Hardinge (HDNG)- Manufactures machine tools in Western Europe.
- Thermadyne Holding (THMD)- Producer of gas and electric arc cutting and welding products for the Americas.
- RBC Bearings (ROLL)- Bearing manufacturer makes 90% of sales in U.S., has second-highest return on equity in the past year.[8]
- Flow International (FLOW)- Producer of high-pressure waterjet cutting tools had highest revenue growth of machine tools companies in the past quarter.[9]
| Competition | Kaydon (KDN)[10] | Timken Company (TKR)[11] | Thermadyne Holding (THMD)[12] | CompX International (CIX)[13] | Hardinge (HDNG)[14] | RBC Bearings (ROLL)[15] | NN (NNBR) [16] | Kennametal (KMT)[17] | Stanley Works (SWK)[18]
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| Market Cap $Mil | 1,690.00 | 3,520.00 | 228.32 | 80.17 | 161.20 | 818.90 | 206.27 | 2,830.00 | 3,800.00
|
| Revenue $Mil | 451.38 | 5,236.02 | 493.98 | 177.68 | 356.32 | 306.06 | 421.29 | 2,385.49 | 4,483.80
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| Gross Profit $Mil | 184.30 | 1,053.83 | 154.35 | 45.23 | 107.41 | 100.11 | 84.27 | 841.56 | 1,692.20
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| Net Profit Margin % | 17.22% | 4.19% | 2.14% | 5.05% | 4.19% | 9.30% | -0.28% | 7.50% | 7.51%
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| Operating Margin % | 24.65% | 6.22% | 8.97% | 8.75% | 6.42% | 16.96% | 2.65% | 11.29% | 10.06%
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References
- ↑ Yahoo! Finance: Machine Tools and Accessories Leaders and Laggards
- ↑ New York Times, "Move Over, Oil, There’s Money in Texas Wind," 02/23/08
- ↑ Yahoo! Finance: Machine Tools and Accessories Leaders and Laggards
- ↑ Timken Company website, "Corporate Overview"]
- ↑ KMT 2007 10-k, Item 6- Selected Financial Data, page 11
- ↑ Stanley Works website, "Businesses"
- ↑ Yahoo! Finance: CIX
- ↑ Yahoo! Finance: Machine Tools and Accessories Leaders and Laggards
- ↑ Yahoo! Finance: Machine Tools and Accessories Leaders and Laggards
- ↑ KDN 2007 10-k, Item 6: Selected Financial Data, page 9
- ↑ TKR 2007 10-k, Item 6: Selected Financial Data, page 18
- ↑ THMD 2007 10-k, Item 6: Selected Financial Data, page 18
- ↑ CIX 2007 10-k, Item 6: Selected Financial Data, page 15
- ↑ HDNG 2007 10-k, Item 6: Selected Financial Data, page 21
- ↑ ROLL 2007 10-k, Item 6: Selected Financial Data, page 18
- ↑ NNBR 2007 10-k, Item 6: Selected Financial Data, page 17
- ↑ KMT 2007 10-k, Item 6- Selected Financial Data, page 11
- ↑ SWK 2007 10-k, Item 6: Selected Financial Data, page 14
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