Kaydon Corp (KDN.N), which makes specialty ball bearings for wind turbines, posted a 9 percent decline in first-quarter earnings, hurt by higher costs in its wind energy expansion projects and a drop in interest income.

The company reported earnings of $16.6 million or 53 cents a share, compared with earnings of $18.2 million or 57 cents a share, a year ago.

Revenue rose 15.3 percent to $123.3 million.

Analysts on average were expecting earnings of 53 cents a share, before items, on revenue of $124.5 million, according to Reuters Estimates.

Interest income was down more than 50 percent to $1.9 million due to lower interest rates on lower average investable balances and a $500,000 charge on an investment.

Gross margins were also hurt by the relocation and workers compensation costs of its Sealing Products segment and the purchase accounting of its new acquisition Avon Bearings Corp, the company said in a statement.

Looking ahead, Kaydon said it sees 2008 earnings per share growth to exceed its historical long-term target of 10 percent to 12 percent.

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