ANN ARBOR, Mich.—Industrial products maker Kaydon Corp. said Monday its first-quarter profit fell 9 percent on costs of expanding a Mexican bearing facility and moving part of its business.
Net income for the three months ended March 29 fell to $16.6 million, or 53 cents per share, from $18.2 million, 57 cents per share, in the year-earlier period.
Analysts polled by Thomson Financial expected, on average, earnings per share of 53 cents.
Revenue rose to $123.4 million from $106.9 million, partly as a result of sales from newly acquired Avon Bearings Corp. Analysts expected revenue of $124 million.
Increased costs stemmed from the ramp-up of a large-diameter bearing facility in Mexico, workers compensation claims and the expense of moving some Sealing Products business to Mocksville, N.C.
Also, interest income declined on lower interest rates and a one-time charge for lowering the value of an investment.
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