05.11.15

Kadant: Q3 Results

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

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Westford, Massachusetts - Kadant reported its financial results for the third fiscal quarter ended October 3, 2015.

Third Quarter 2015 Financial Highlights

    GAAP diluted earnings per share (EPS) from continuing operations increased 30% to $0.78 in the third quarter of 2015 compared to $0.60 in the third quarter of 2014. The third quarter of 2015 included an $0.11 unfavorable effect of foreign currency translation compared to the third quarter of 2014. Guidance was $0.70 to $0.72.
    Adjusted diluted EPS increased 24% to $0.78 in the third quarter of 2015 compared to $0.63 in the third quarter of 2014.
    Revenue decreased 7% to $92 million in the third quarter of 2015 compared to $99 million in the third quarter of 2014, including a $9 million, or 9%, 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 was $63 million in both the third quarters of 2015 and 2014, and represented 69% and 64% of total revenue, respectively. Excluding a $6 million, or 10%, unfavorable effect of foreign currency translation and a $2 million, or 4%, increase from an acquisition, parts and consumables revenue increased 6% compared to the third quarter of 2014.
    Gross margin was 47.5% in the third quarter of 2015, compared to 44.7% in the third quarter of 2014.
    Operating income increased 25% to $13 million, or 13.8% of revenue, in the third quarter of 2015 compared to $10 million, or 10.3% of revenue, in the third quarter of 2014. Operating income in the third quarter of 2015 was the second highest in our history.
    Cash flows from operations increased 5% to $16 million in the third quarter of 2015 and we ended the quarter with net cash (cash less debt) of $27 million.
    Net income from continuing operations was $9 million in the third quarter of 2015, up 30% compared to $7 million in the third quarter of 2014.
    Adjusted EBITDA was $15 million in the third quarter of 2015, up 14% compared to $13 million in the third quarter of 2014, and represented 16.6% of revenue, the highest percentage since we became a stand-alone public company in 2001.
    Bookings decreased 2% to $99 million in the third quarter of 2015 compared to $100 million in the third quarter of 2014, including a $10 million, or 10%, 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 increased 6% in the third quarter of 2015 compared to the third quarter of 2014.
    Backlog was a record $136 million at the end of the third quarter of 2015.
    We repurchased 118,242 shares of our common stock for $5 million in the third 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 a solid quarter with 30 percent growth in EPS despite an $0.11 negative foreign currency effect,” said Jonathan W. Painter, president and chief executive officer of Kadant Inc. “Our diluted EPS from continuing operations was $0.78 in the third quarter of 2015, which exceeded our guidance of $0.70 to $0.72. Cash flows were strong and our operating margin increased to nearly 14 percent of revenue in the third quarter of 2015 compared to 10 percent of revenue in the third quarter of 2014.

“We had strong performance in our Stock-Preparation and Wood Processing Systems product lines, particularly in North America. We were also encouraged by the upward revenue and booking trends in our European businesses. That said, the effects of foreign currency translation negatively impacted our revenue and bookings by $9 million and $10 million, respectively, compared to the third quarter of 2014. Our parts and consumables business continues to be an important focus of ours and revenue from parts and consumables products represented 69 percent of our revenues in the third quarter of 2015.”

Third Quarter 2015

Kadant reported revenue of $91.9 million in the third quarter of 2015, a decrease of $6.8 million, or seven percent, compared with $98.7 million in the third quarter of 2014. Revenue for the third quarter of 2015 included an $8.6 million decrease from the unfavorable effects of foreign currency translation and an increase of $2.4 million from an acquisition compared to the third quarter of 2014. Operating income from continuing operations increased 25 percent to $12.7 million in the third quarter of 2015 compared to $10.2 million in the third quarter of 2014. Operating income included $0.5 million of expense related to restructuring in the third quarter of 2014. Adjusted operating income, a non-GAAP measure, was $12.7 million in the third quarter of 2015 compared to $10.7 million in the third quarter of 2014.

Net income from continuing operations was $8.6 million in the third quarter of 2015, or $0.78 per diluted share, compared to $6.7 million, or $0.60 per diluted share, in the third quarter of 2014. Net income from continuing operations in the third quarter of 2014 included $0.3 million, or $0.03 per diluted share, of after-tax restructuring costs. Adjusted net income, a non-GAAP measure, was $8.6 million, or $0.78 per diluted share, in the third quarter of 2015 compared to $7.0 million, or $0.63 per diluted share, in the third quarter of 2014.


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
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