Kadant: 4Q Earnings Snapshot
WESTFORD, Mass. (AP) _ Kadant Inc. (KAI) on Wednesday reported fourth-quarter earnings of $18.4 million.
On a per-share basis, the Westford, Massachusetts-based company said it had net income of $1.61. Earnings, adjusted for non-recurring costs, were $1.66 per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.36 per share.
The equipment supplier for the papermaking and paper recycling industries posted revenue of $163.9 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $160.7 million.
For the current quarter ending in April, Kadant expects its per-share earnings to range from $1.11 to $1.17.
The company expects full-year earnings in the range of $5.20 to $5.35 per share.
Kadant shares have risen slightly more than 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $87.49, a drop of nearly 7 percent in the last 12 months.