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Kaydon Corp (KDN.N), which makes specialty ball bearings for wind turbines, posted quarterly results beating Wall Street estimates, helped by an improvement in orders, and raised its third-quarter dividend by 5.6 percent.
Kaydon raised its quarterly dividend to $0.19 per share, up from $0.18, and said it expects more significant wind orders in the second half of 2010.
For the second quarter, the company reported net income of $17.8 million, or 53 cents a share, compared with $8.4 million, or 25 cents a share, a year ago.
Kaydon, whose end markets include alternative energy, industrial, aerospace, medical and electronic equipment, posted a 24 percent rise in revenue at $121.5 million.
Analysts on average were expecting the company to earn 41 cents a share, before special items, on revenue of $115.7 million, according to Thomson Reuters I/B/E/S.
For the quarter, orders jumped 60 percent to $108.2 million, while wind energy orders almost doubled at $12.1 million from $6.1 million, Kaydon said.
Backlog as on July 3 was $186.5 million compared with $242.8 million on July 4, 2009, the company added.
Shares of the company closed at $36.78 Wednesday on the New York Stock Exchange.
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| 681 KOYO | 1 | 3 | 1 |
| 6026NR KOYO | 130 | 200 | 33 |