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Kadant Reports 2017 Third Quarter Results
Raises Revenue and EPS Guidance for 2017
WESTFORD, Mass.-- Kadant Inc. (NYSE: KAI) reported its financial results for the third quarter ended September 30, 2017.
Third Quarter 2017 Highlights
- Acquired the businesses of NII FPG Company and Unaflex, LLC
- Revenue increased 45% to a record $153 million
- Gross margin was 42.3%
- GAAP diluted EPS increased 43% to a record $1.17
- Adjusted diluted EPS increased 84% to a record $1.49
- Net income increased 45% to a record $13 million
- Adjusted EBITDA increased 85% to a record $30 million and represented 20% of revenue
- Bookings increased 43% to a record $135 million
Note: Adjusted diluted EPS, adjusted EBITDA, adjusted EBITDA margin, and revenues excluding acquisitions and the effect of foreign currency translation are non-GAAP financial measures that exclude certain items as detailed later in this press release.
“Following our strong first half of 2017, we had another outstanding quarter with a number of record-setting performances across a broad range of metrics contributing to a strong EPS and revenue beat,” said Jonathan Painter, president and chief executive officer of Kadant. “Our third quarter financial results were driven by a combination of better than expected performance from our Wood Processing acquisition and significant internal growth, particularly in China.
“Our record bookings of $135 million in the third quarter extended our strong bookings performance beyond the previous three quarters and was led by our Wood-Processing product line. Also contributing to the record performance were our Stock-Preparation and Fluid-Handling product lines, each of which achieved over 25 percent growth in bookings compared to the same period last year. From a geographic perspective, bookings in China were exceptionally strong in the third quarter, while North America saw the largest impact from our two acquisitions completed during the quarter.”
Third Quarter 2017 Results
Revenue increased 45 percent to $152.8 million compared to the third quarter of 2016, including $29.2 million from acquisitions and a $2.6 million increase from the favorable effect of foreign currency translation. Excluding the impact of acquisitions and foreign currency translation, revenue was up 15 percent compared to the third quarter of 2016. Gross margin was 42.3 percent, including a negative 220 basis point impact from the amortization of acquired profit in inventory. Net income was $13.3 million, or $1.17 per diluted share, compared to $9.2 million, or $0.82 per diluted share, in the third quarter of 2016. Adjusted diluted EPS increased 84 percent to $1.49 in the third quarter of 2017, compared to $0.81 in the third quarter of 2016. Adjusted diluted EPS in the third quarter of 2017 excludes $0.28 of amortization from acquired profit in inventory and backlog and $0.04 of acquisition costs. Adjusted diluted EPS in the third quarter of 2016 excludes a $0.02 benefit from discrete tax items and $0.01 of acquisition costs.
Adjusted EBITDA increased 85 percent to $29.9 million compared to $16.2 million in the third quarter of 2016. Adjusted EBITDA excludes $4.3 million of amortization from acquired profit in inventory and backlog in the third quarter of 2017 and $0.6 million and $0.2 million of acquisition costs in the third quarters of 2017 and 2016, respectively. Cash flows from operations were $7.0 million in the third quarter of 2017 and were impacted by the high level of shipments, which increased accounts receivable and the payment of acquisition-related expenses. Bookings increased 43 percent to $135.5 million compared to $94.8 million in the third quarter of 2016 and includes $20.5 million from acquisitions and a $2.3 million increase from the favorable effect of foreign currency translation. Excluding the impact of acquisitions and foreign currency translation, bookings increased 19 percent compared to the third quarter of 2016.
“While we began the year with a fairly optimistic outlook, steadily improving global market conditions combined with contributions from our acquisitions and excellent execution by our operations teams have further raised our expectations for 2017,” Mr. Painter continued. “We now expect to report full year revenue of $509 to $512 million, revised from our previous guidance of $488 to $494 million. We expect to achieve GAAP diluted EPS of $3.56 to $3.60 in 2017, revised from our previous guidance of $3.18 to $3.26. The revised 2017 guidance includes pre-tax acquisition costs of $5.0 million, or $0.38 per diluted share, and pre-tax amortization expense associated with acquired profit in inventory and backlog of $6.6 million, or $0.43 per diluted share. Excluding these acquisition-related expenses, we expect adjusted diluted EPS of $4.37 to $4.41 for 2017. For the fourth quarter of 2017, we expect GAAP diluted EPS of $0.87 to $0.91 on revenue of $143 to $146 million, including $0.15 of amortization expense associated with acquired profit in inventory and backlog. Excluding the amortization expense, we expect adjusted diluted EPS of $1.02 to $1.06 for the fourth quarter of 2017.”