Kadant: 3Q Earnings Snapshot
WESTFORD, Mass. (AP) _ Kadant Inc. (KAI) on Monday reported third-quarter profit of $18.8 million.
The Westford, Massachusetts-based company said it had profit of $1.64 per share. Earnings, adjusted for pretax gains, came to $1.53 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.39 per share.
The equipment supplier for the papermaking and paper recycling industries posted revenue of $165.7 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $164.9 million.
For the current quarter ending in December, Kadant expects its per-share earnings to range from $1.33 to $1.38.
The company said it expects revenue in the range of $158 million to $162 million for the fiscal fourth quarter.
Kadant expects full-year earnings in the range of $5 to $5.05 per share, with revenue ranging from $628 million to $632 million.
Kadant shares have dropped slightly more than 5 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $95, a fall of nearly 8 percent in the last 12 months.