Werbung
Meldungen 06.08.2015

Kadant: Q2 Results

Die US-amerikanische Kadant hat Zahlen für das zweite Quartal veröffentlicht. Wir veröffentlichen die Mitteilung des US-amerikanischen Ausrüsters und Zulieferers der Papier- und Zellstoffindustrie dazu im Wortlaut.

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

Westford, Massachusetts - Kadant Inc. (NYSE:KAI) reported its financial results for the second fiscal quarter ended July 4, 2015.

Second Quarter 2015 Financial Highlights

    GAAP diluted earnings per share (EPS) from continuing operations increased 9% to $0.76 in the second quarter of 2015 compared to $0.70 in the second quarter of 2014. The second quarter of 2015 included a $0.09 unfavorable effect of foreign currency translation compared to the second quarter of 2014. Guidance was $0.69 to $0.71.
    Adjusted diluted EPS increased 5% to $0.78 in the second quarter of 2015 compared to $0.74 in the second quarter of 2014.
    Revenue decreased 6% to $98 million in the second quarter of 2015 compared to $105 million in the second quarter of 2014, including a $9 million, or 8%, decrease from the unfavorable effects of foreign currency translation and a $2 million, or 2%, increase from an acquisition. Guidance was $95 to $97 million.
    Parts and consumables revenue increased 4% to $65 million, or 66% of total revenue, in the second quarter of 2015, compared to $63 million, or 60% of total revenue, in the second quarter of 2014. Excluding a $6 million unfavorable effect of foreign currency translation, parts and consumables revenue increased 13% compared to the second quarter of 2014.
    Gross margin was 46.5% in the second quarter of 2015, compared to 43.0% in the second quarter of 2014.
    Operating income increased 5% to $13 million in the second quarter of 2015 compared to $12 million in the second quarter of 2014 and represented 12.9% of revenue.
    Net income from continuing operations was $8 million in the second quarters of 2015 and 2014.
    Adjusted EBITDA was a record $16 million in the second quarter of 2015, up 1% compared to $15 million in the second quarter of 2014 and 17% sequentially, and represented 15.9% of revenue.
    Bookings decreased 19% to $94 million in the second quarter of 2015 compared to a record $115 million in the second quarter of 2014, including a $9 million, or 8%, decrease from the unfavorable effects of foreign currency translation and a $2 million, or 2%, increase from an acquisition. Excluding the acquisition and the foreign currency translation effect, bookings decreased 13% in the second quarter of 2015 compared to the second quarter of 2014.
    Backlog was $132 million at the end of the second quarter of 2015 and the second highest in our Company’s history.
    We repurchased 86,518 shares of our common stock for $4 million in the second quarter of 2015.

Note: Adjusted diluted EPS and adjusted EBITDA are non-GAAP financial measures that exclude certain items as detailed later in this press release under the heading “Use of Non-GAAP Financial Measures” and in the reconciliation tables below.

Management Commentary

“We had another solid quarter with better-than-expected revenue and earnings per share along with excellent gross margin performance,” said Jonathan W. Painter, president and chief executive officer of Kadant Inc. “Our diluted earnings per share from continuing operations was $0.76 in the second quarter of 2015, which exceeded our guidance of $0.69 to $0.71. Our operating margin increased to nearly 13 percent in the second quarter of 2015 compared to 11 percent in the second quarter of 2014.

“Despite the headwinds from the strong dollar, our revenue of $98 million in the second quarter of 2015 was better than expected, but was down six percent compared to the second quarter of 2014 due to the effects of foreign currency translation. Excluding these translation effects, our revenue growth was two percent in the second quarter of 2015 compared to the second quarter of 2014. Our revenue in North America was a record $59 million in the second quarter of 2015, increasing 11 percent compared to the second quarter of 2014. Our parts and consumables revenue increased four percent to $65 million in the second quarter of 2015 and was the second highest in our Company’s history.”

Second Quarter 2015

Kadant reported revenue of $98.3 million in the second quarter of 2015, a decrease of $6.5 million, or six percent, compared with $104.8 million in the second quarter of 2014. Revenue for the second quarter of 2015 included $2.5 million from an acquisition and an $8.5 million decrease from the unfavorable effects of foreign currency translation compared to the second quarter of 2014. Operating income from continuing operations increased five percent to $12.6 million in the second quarter of 2015 compared to $12.0 million in the second quarter of 2014. Operating income included $0.3 million of expense related to restructuring and acquired inventory and backlog in the second quarter of 2015 compared to $0.7 million of expense in the second quarter of 2014. Adjusted operating income, a non-GAAP measure, was $12.9 million in the second quarter of 2015 compared to $12.7 million in the second quarter of 2014.

Net income from continuing operations was $8.5 million in the second quarter of 2015, or $0.76 per diluted share, compared to $7.9 million, or $0.70 per diluted share, in the second quarter of 2014. Net income from continuing operations in the second quarter of 2015 included $0.2 million, or $0.02 per diluted share, of after-tax restructuring costs. Net income from continuing operations in the second quarter of 2014 included after-tax expense of $0.4 million, or $0.04 per diluted share, related to acquired inventory and backlog. Adjusted net income, a non-GAAP measure, was $8.7 million, or $0.78 per diluted share, in the second quarter of 2015 compared to $8.3 million, or $0.74 per diluted share, in the second quarter of 2014.

Guidance

“The first half of 2015 has positioned us well for another great year,” Mr. Painter continued. “That said, we expect the shipment dates for several capital projects in China to be delayed into 2016. As a result, we are lowering our full year revenue guidance and now expect full year revenue of $395 to $400 million, revised from our previous guidance of $403 to $410 million. While we expect that improved operating margins will diminish the impact from the delayed capital shipments, we are narrowing our full year guidance for GAAP diluted EPS from continuing operations to $3.05 to $3.11, revised from our previous guidance of $3.05 to $3.15. For the third quarter of 2015, we expect to achieve GAAP diluted EPS from continuing operations of $0.70 to $0.72 on revenue of $95 to $97 million. We still expect 2015 to be a record year for GAAP diluted EPS.”


Use of Non-GAAP Financial Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including increases or decreases in revenue excluding acquisitions and the effect of foreign currency translation, adjusted operating income, adjusted net income, adjusted diluted EPS, earnings before interest, taxes, depreciation, and amortization (EBITDA) and adjusted EBITDA.

We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, operating results, or future outlook. We believe that the inclusion of such measures helps investors to gain an understanding of our underlying operating performance and future prospects, consistent with how management measures and forecasts our performance, especially when comparing such results to previous periods or forecasts and to the performance of our competitors. Such measures are also used by us in our financial and operating decision-making and for compensation purposes. We also believe this information is responsive to investors' requests and gives them an additional measure of our performance.

The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for the results of operations prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release have limitations associated with their use as compared to the most directly comparable GAAP measures, in that they may be different from, and therefore not comparable to, similar measures used by other companies.

Revenue included $2.5 million from an acquisition and an $8.5 million unfavorable foreign currency translation effect in the second quarter of 2015 and $4.2 million from an acquisition and a $15.2 million unfavorable foreign currency translation effect in the first six months of 2015. We present increases or decreases in revenue excluding the effects of acquisitions and foreign currency translation to provide investors insight into underlying revenue trends.

Adjusted operating income, adjusted EBITDA, adjusted net income, and adjusted diluted EPS exclude restructuring costs and expense related to acquired inventory and backlog. These items are excluded as they are not indicative of our core operating results and are not comparable to other periods, which have differing levels of incremental costs or none at all.

Adjusted operating income and adjusted EBITDA exclude:

    Pre-tax restructuring costs of $0.2 million and $0.1 million in the second quarters of 2015 and 2014, respectively, and $0.3 million and $0.4 million in the first six months of 2015 and 2014, respectively.
    Pre-tax expense related to acquired inventory and backlog of $0.1 million and $0.6 million in the second quarters of 2015 and 2014, respectively, and $0.2 million and $2.6 million in the first six months of 2015 and 2014, respectively.

Adjusted net income and adjusted diluted EPS exclude:

    After-tax restructuring costs of $0.2 million in the second quarter of 2015.
    After-tax expense related to acquired inventory and backlog of $0.4 million ($0.6 million net of tax of $0.2 million) in the second quarter of 2014.

Adjusted diluted EPS in the second quarters of 2015 and 2014 was calculated using the reported weighted average diluted shares for each period.

 
About Kadant

Kadant Inc. is a global supplier of high-value, critical components and engineered systems used in process industries worldwide. The Company’s products, technologies, and services play an integral role in enhancing process efficiency, optimizing energy utilization, and maximizing productivity in resource-intensive industries. Kadant is based in Westford, Massachusetts, with revenue of $402 million in fiscal year 2014 and 1,800 employees in 18 countries worldwide. For more information, visit www.kadant.com

ECOreporter.de-Abonnement

Als Abonnent haben Sie Zugriff auf alle Exklusivinformationen von ECOreporter.de.

Ein umfassender Service für alle, denen nachhaltige Investments etwas wert sind!

Abonnent werden

ecoanlageberater - deutschlandweit

ecoanlageberater - deutschlandweit

Wo finde ich eine/n Fachberater/in für Nachhaltiges Investment?
Absolvent/inn/en des Fernlehrgangs ecoanlageberater ganz in Ihrer Nähe

weiterlesen

ECOreporter - Artikel kaufen

PayPal

Sie möchten einen bestimmten Bericht in ECOreporter.de lesen? Sie können auch einzelne Artikel kaufen - vom Aktientipp bis zum ausführlichen Testbericht.
Schon ab 2,40 Euro!

Sie wollen alles in ECOreporter.de lesen? Dann abonnieren Sie! Ab 99,60 Euro pro Jahr, das sind pro Monat nur 8,30 Euro.
Die umfangreichste deutsche Seite zu nachhaltigen, ethischen Geldanlagen steht Ihnen dann komplett offen!
Abonnent werden

Einloggen schließen
Geben Sie Ihren Benutzernamen und Ihr Passwort ein, um sich an der Website anzumelden:
Zum Seitenanfang Zum Seitenanfang