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Kadant: Q2 Results
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WESTFORD, Mass. - Kadant Inc. (NYSE:KAI) reported its financial results for the second quarter ended June 28, 2014.
Second Quarter 2014 Financial Highlights
GAAP diluted earnings per share (EPS) from continuing operations increased 37% to $0.70 in the second quarter of 2014 compared to $0.51 in the second quarter of 2013. Guidance was $0.66 to $0.68. Our adjusted diluted EPS of $0.70 in the second quarter of 2014 set a new quarterly record.
Revenue increased 28% to a record $105 million in the second quarter of 2014, including $10 million from acquisitions, compared to $82 million in the second quarter of 2013. Excluding acquisitions, revenue increased 15% in the second quarter of 2014 compared to the second quarter of 2013. Guidance was $104 to $106 million.
Bookings increased 32% to a record $115 million in the second quarter of 2014, including $14 million from acquisitions, compared to $87 million in the second quarter of 2013. Excluding acquisitions, bookings increased 16% in the second quarter of 2014 compared to the second quarter of 2013.
Parts and consumables bookings increased 26% to a record $66 million in the second quarter of 2014, compared to $53 million in the second quarter of 2013.
Gross margin was 43.0% in the second quarter of 2014, compared to a record 48.6% in the second quarter of 2013.
Net income from continuing operations was $8 million in the second quarter of 2014 compared to $6 million in the second quarter of 2013.
Adjusted EBITDA increased 39% to a record $15 million in the second quarter of 2014 compared to $11 million in the second quarter of 2013.
Backlog was a record $129 million at the end of the second quarter of 2014.
Repurchased 255,135 shares of common stock for $9 million in the second quarter of 2014.
Note: Adjusted diluted EPS and adjusted EBITDA are non-GAAP 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 an outstanding quarter and set a number of financial records including revenue, bookings, backlog, adjusted operating income, adjusted EBITDA, and adjusted diluted EPS,” said Jonathan W. Painter, president and chief executive officer of Kadant Inc. “Our diluted earnings per share from continuing operations was $0.70 in the second quarter of 2014, which included $0.04 of expense related to acquired profit in inventory and backlog associated with businesses acquired in 2013.
“Revenue was a record $105 million in the second quarter of 2014, increasing 28 percent compared to the second quarter of 2013 with increases in all our major geographic regions except South America. I’m particularly pleased that internal growth, which excludes acquisitions, made up over half of this revenue increase. Our parts and consumables revenue was a record $63 million in the second quarter of 2014, increasing 19 percent compared to the second quarter of 2013.
“Despite the decrease in gross margin in the second quarter of 2014 compared to the second quarter 2013, we had excellent operating margins primarily due to improved operating leverage in selling, general, and administrative expenses. Our operating income was $12 million, or 11.5 percent of revenue, in the second quarter of 2014, compared to $8 million, or 10.3 percent of revenue, in the second quarter of 2013. Our adjusted operating income was a record $13 million in the second quarter of 2014, or 12.1 percent of revenue, compared to $9 million, or 10.5 percent of revenue, in the second quarter of 2013.
“Our bookings of $115 million in the second quarter of 2014, including $14 million from acquisitions, increased 32 percent compared to the second quarter of 2013. Excluding bookings from acquisitions, our bookings in the second quarter of 2014 increased 16 percent compared to the second quarter of 2013. We ended the quarter with a record backlog of $129 million.”
Second Quarter 2014
Kadant reported record revenue of $104.8 million in the second quarter of 2014, an increase of $22.6 million, or 28 percent, compared with $82.2 million in the second quarter of 2013. Revenue for the second quarter of 2014 included $10.1 million from acquisitions and a $1.2 million increase from foreign currency translation compared to the second quarter of 2013. Operating income from continuing operations was $12.0 million in the second quarter of 2014, including $0.6 million of expense related to acquired inventory and backlog and $0.1 million of restructuring costs, compared to $8.4 million in the second quarter of 2013, including a $1.7 million gain on the sale of assets and a $1.9 million acquisition-related restructuring charge. Adjusted operating income, a non-GAAP measure, was a record $12.7 million in the second quarter of 2014 compared to $8.6 million in the second quarter of 2013.
Both net income and adjusted net income, a non-GAAP measure, from continuing operations were $7.9 million or $0.70 per diluted share, in the second quarter of 2014, compared to $5.8 million, or $0.51 per diluted share, in the second quarter of 2013.
Guidance
“We had record bookings in the first and second quarters of 2014 and overall market conditions remain healthy. That said, it is not unusual for customers with larger capital projects, particularly in China, to delay shipment for any number of reasons, and we saw several of these being deferred from the third to the fourth quarter of 2014 and also into early 2015. As a result of the change in the timing of these large capital projects, we are lowering our full year 2014 guidance,” Mr. Painter continued. “For the full year, we expect revenue of $400 to $410 million, revised from our previous guidance of $410 to $420 million. We expect to achieve GAAP diluted EPS from continuing operations of $2.50 to $2.60, revised from our previous GAAP diluted EPS guidance of $2.60 to $2.70, including $0.17 of expense related to acquired inventory and backlog associated with businesses acquired in 2013 and $0.03 of restructuring costs. We expect to achieve GAAP diluted EPS from continuing operations of $0.52 to $0.54 in the third quarter of 2014 on revenue of $94 to $96 million.”
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 $344 million in 2013 and 1,800 employees in 18 countries worldwide. For more information, visit www.kadant.com.
Source: Kadant Inc.
WESTFORD, Mass. - Kadant Inc. (NYSE:KAI) reported its financial results for the second quarter ended June 28, 2014.
Second Quarter 2014 Financial Highlights
GAAP diluted earnings per share (EPS) from continuing operations increased 37% to $0.70 in the second quarter of 2014 compared to $0.51 in the second quarter of 2013. Guidance was $0.66 to $0.68. Our adjusted diluted EPS of $0.70 in the second quarter of 2014 set a new quarterly record.
Revenue increased 28% to a record $105 million in the second quarter of 2014, including $10 million from acquisitions, compared to $82 million in the second quarter of 2013. Excluding acquisitions, revenue increased 15% in the second quarter of 2014 compared to the second quarter of 2013. Guidance was $104 to $106 million.
Bookings increased 32% to a record $115 million in the second quarter of 2014, including $14 million from acquisitions, compared to $87 million in the second quarter of 2013. Excluding acquisitions, bookings increased 16% in the second quarter of 2014 compared to the second quarter of 2013.
Parts and consumables bookings increased 26% to a record $66 million in the second quarter of 2014, compared to $53 million in the second quarter of 2013.
Gross margin was 43.0% in the second quarter of 2014, compared to a record 48.6% in the second quarter of 2013.
Net income from continuing operations was $8 million in the second quarter of 2014 compared to $6 million in the second quarter of 2013.
Adjusted EBITDA increased 39% to a record $15 million in the second quarter of 2014 compared to $11 million in the second quarter of 2013.
Backlog was a record $129 million at the end of the second quarter of 2014.
Repurchased 255,135 shares of common stock for $9 million in the second quarter of 2014.
Note: Adjusted diluted EPS and adjusted EBITDA are non-GAAP 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 an outstanding quarter and set a number of financial records including revenue, bookings, backlog, adjusted operating income, adjusted EBITDA, and adjusted diluted EPS,” said Jonathan W. Painter, president and chief executive officer of Kadant Inc. “Our diluted earnings per share from continuing operations was $0.70 in the second quarter of 2014, which included $0.04 of expense related to acquired profit in inventory and backlog associated with businesses acquired in 2013.
“Revenue was a record $105 million in the second quarter of 2014, increasing 28 percent compared to the second quarter of 2013 with increases in all our major geographic regions except South America. I’m particularly pleased that internal growth, which excludes acquisitions, made up over half of this revenue increase. Our parts and consumables revenue was a record $63 million in the second quarter of 2014, increasing 19 percent compared to the second quarter of 2013.
“Despite the decrease in gross margin in the second quarter of 2014 compared to the second quarter 2013, we had excellent operating margins primarily due to improved operating leverage in selling, general, and administrative expenses. Our operating income was $12 million, or 11.5 percent of revenue, in the second quarter of 2014, compared to $8 million, or 10.3 percent of revenue, in the second quarter of 2013. Our adjusted operating income was a record $13 million in the second quarter of 2014, or 12.1 percent of revenue, compared to $9 million, or 10.5 percent of revenue, in the second quarter of 2013.
“Our bookings of $115 million in the second quarter of 2014, including $14 million from acquisitions, increased 32 percent compared to the second quarter of 2013. Excluding bookings from acquisitions, our bookings in the second quarter of 2014 increased 16 percent compared to the second quarter of 2013. We ended the quarter with a record backlog of $129 million.”
Second Quarter 2014
Kadant reported record revenue of $104.8 million in the second quarter of 2014, an increase of $22.6 million, or 28 percent, compared with $82.2 million in the second quarter of 2013. Revenue for the second quarter of 2014 included $10.1 million from acquisitions and a $1.2 million increase from foreign currency translation compared to the second quarter of 2013. Operating income from continuing operations was $12.0 million in the second quarter of 2014, including $0.6 million of expense related to acquired inventory and backlog and $0.1 million of restructuring costs, compared to $8.4 million in the second quarter of 2013, including a $1.7 million gain on the sale of assets and a $1.9 million acquisition-related restructuring charge. Adjusted operating income, a non-GAAP measure, was a record $12.7 million in the second quarter of 2014 compared to $8.6 million in the second quarter of 2013.
Both net income and adjusted net income, a non-GAAP measure, from continuing operations were $7.9 million or $0.70 per diluted share, in the second quarter of 2014, compared to $5.8 million, or $0.51 per diluted share, in the second quarter of 2013.
Guidance
“We had record bookings in the first and second quarters of 2014 and overall market conditions remain healthy. That said, it is not unusual for customers with larger capital projects, particularly in China, to delay shipment for any number of reasons, and we saw several of these being deferred from the third to the fourth quarter of 2014 and also into early 2015. As a result of the change in the timing of these large capital projects, we are lowering our full year 2014 guidance,” Mr. Painter continued. “For the full year, we expect revenue of $400 to $410 million, revised from our previous guidance of $410 to $420 million. We expect to achieve GAAP diluted EPS from continuing operations of $2.50 to $2.60, revised from our previous GAAP diluted EPS guidance of $2.60 to $2.70, including $0.17 of expense related to acquired inventory and backlog associated with businesses acquired in 2013 and $0.03 of restructuring costs. We expect to achieve GAAP diluted EPS from continuing operations of $0.52 to $0.54 in the third quarter of 2014 on revenue of $94 to $96 million.”
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 $344 million in 2013 and 1,800 employees in 18 countries worldwide. For more information, visit www.kadant.com.
Source: Kadant Inc.