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Kaydon Corp (KDN.N), which makes specialty ball bearings for wind turbines, posted quarterly results that beat Wall Street expectations, helped by an increase in orders, sending its shares up 4 percent to a 52-week high.
For the first quarter, the company reported net income of $13.8 million, or 41 cents a share, compared with $10.1 million, or 30 cents a share, a year ago.
Kaydon, whose end markets include alternative energy, industrial, aerospace, medical and electronic equipment, posted an 8 percent rise in revenue at $119.2 million.
Analysts on average were expecting the company to earn 34 cents a share, before special items, on revenue of $111.5 million, according to Thomson Reuters I/B/E/S.
Orders jumped 42 percent to $100.5 million.
As existing customers rebuild their backlogs, Kaydon said it sees "more meaningful" wind energy orders later in the year.
Shares of the company were up about 4 percent at $43.46 Monday morning on the New York Stock Exchange. They touched a high of $43.50 earlier in the session.
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| 6908ZZ KOYO | 40 | 62 | 12 |
| 6808ZZ KOYO | 40 | 52 | 7 |