03.05.16

Kadant: Q1 2016 Results

Die US-amerikanische Kadant hat Zahlen für das erste Quartal des laufenden Geschäftsjahres vorgelegt. Wir veröffentlichen die Mitteilung des 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 - Kadant Inc. (NYSE:KAI) reported its financial results for the first quarter ended April 2, 2016.

First Quarter 2016 Financial Highlights

    GAAP diluted earnings per share (EPS) was $0.62 in the first quarters of 2016 and 2015. The first quarter of 2016 included a $0.06 unfavorable effect of foreign currency translation compared to the first quarter of 2015. Guidance was $0.55 to $0.58.
    Adjusted diluted EPS increased 14% to $0.72 in the first quarter of 2016 compared to $0.63 in the first quarter of 2015. Adjusted diluted EPS excludes $0.12 of expenses related to the acquisition of the PAALGROUP and a $0.02 gain on the sale of a building in Sweden in connection with the consolidation of operations in that country.
    Revenue increased 5% to $97 million in the first quarter of 2016 compared to $92 million in the first quarter of 2015, including a $4 million, or 4%, decrease from the unfavorable effect of foreign currency translation. Excluding the foreign currency translation effect, revenue increased 9% in the first quarter of 2016 compared to the first quarter of 2015. Guidance was $89 to $91 million.
    Gross margin was 45.6% in the first quarter of 2016 compared to 48.1% in the first quarter of 2015.
    Bookings decreased 10% to $97 million in the first quarter of 2016 compared to $108 million in the first quarter of 2015, including a $4 million, or 3%, decrease from the unfavorable effect of foreign currency translation. Excluding the foreign currency translation effect, bookings decreased 7% in the first quarter of 2016 compared to the first quarter of 2015.
    Cash flows from operations were $6 million in the first quarter of 2016 compared to negative cash flows of $2 million in the first quarter of 2015. Net cash (cash less debt) was $34 million at the end of the first quarter of 2016.

Note: Adjusted diluted EPS is a non-GAAP financial measure that excludes 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 a very good first quarter with stronger-than-expected revenue and earnings per share performance,” said Jonathan W. Painter, president and chief executive officer of Kadant Inc. “Our adjusted diluted EPS from continuing operations was $0.72 in the first quarter of 2016, which was better than expected primarily due to the shipment of several capital projects originally projected for the second quarter of 2016. Revenue of $97 million in the first quarter of 2016 was up five percent compared to the first quarter of 2015 and was significantly impacted by the effect of foreign currency translation. Excluding the effect of foreign currency translation, our internal revenue growth was nine percent compared to the first quarter of 2015. Our strong revenue performance in the first quarter was led by our Stock-Preparation product line, which had solid results in all regions of the world.

After quarter-end, we completed the acquisition of the PAALGROUP (PAAL) for approximately $58 million. PAAL, headquartered in Germany, is the leading European supplier of baler equipment used in the processing of recyclable and waste materials. PAAL’s excellent reputation for reliable and innovative products as well as its strong aftermarket business makes it an excellent fit for Kadant.”

First Quarter 2016

Operating income from continuing operations decreased three percent to $10.1 million in the first quarter of 2016 compared to $10.4 million in the first quarter of 2015. Operating income included $1.4 million of acquisition costs and a $0.3 million gain on the sale of assets in the first quarter of 2016 compared to $0.1 million of expense related to acquired inventory and backlog and $0.1 million of restructuring costs in the first quarter of 2015. Adjusted operating income, a non-GAAP measure, was $11.2 million in the first quarter of 2016 compared to $10.6 million in the first quarter of 2015.

Net income from continuing operations was $6.9 million in the first quarter of 2016, or $0.62 per diluted share, compared to $6.8 million, or $0.62 per diluted share, in the first quarter of 2015. Net income from continuing operations in the first quarter of 2016 included $1.3 million, or $0.12 per diluted share, of after-tax acquisition costs and a $0.2 million, or $0.02 per diluted share, after-tax gain on the sale of assets. Net income from continuing operations in the first quarter of 2015 included after-tax restructuring costs of $0.1 million, or $0.01 per diluted share. Adjusted net income, a non-GAAP measure, was $8.0 million, or $0.72 per diluted share, in the first quarter of 2016 compared to $7.0 million, or $0.63 per diluted share, in the first quarter of 2015.

Guidance

“The inclusion of PAAL will increase our 2016 revenue and adjusted diluted EPS, although the acquisition-related costs will have a negative effect on our GAAP diluted EPS,” Mr. Painter continued. “For 2016, we expect revenues of $412 to $422 million, revised from our previous guidance of $370 to $380 million. We expect to achieve GAAP diluted EPS for 2016 of $2.75 to $2.85, revised from our previous guidance of $2.80 to $2.90. Our revised 2016 guidance includes $0.14 of acquisition costs, $0.10 of expense related to acquired inventory and backlog, and a $0.02 gain on the sale of assets. Excluding the acquisition-related costs and gain, our adjusted diluted EPS guidance for 2016 is $2.97 to $3.07. For the second quarter of 2016, we expect to achieve GAAP diluted EPS of $0.50 to $0.53 on revenue of $103 to $105 million. Our second quarter of 2016 GAAP diluted EPS includes $0.02 of acquisition costs and $0.10 of expense related to acquired inventory and backlog.”

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 $390 million in fiscal year 2015 and 1,800 employees in 18 countries worldwide. For more information, visit www.kadant.com
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