25.02.16

Kadant: Q4 & Fiscal Year 2015 Results

Die US-amerikanische Kadant hat die Bilanz für das Geschäftsjahr 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 fourth quarter and fiscal year ended January 2, 2016.

Fourth Quarter and Fiscal Year 2015 Financial Highlights

    GAAP diluted earnings per share (EPS) from continuing operations increased 15% to $0.94 in the fourth quarter of 2015 compared to $0.82 in the fourth quarter of 2014. The fourth quarter of 2015 included a $0.10 unfavorable effect of foreign currency translation compared to the fourth quarter of 2014. Guidance was $0.79 to $0.82.
    Adjusted diluted EPS increased 17% to a record $0.95 in the fourth quarter of 2015 compared to $0.81 in the fourth quarter of 2014.
    GAAP diluted EPS from continuing operations increased 21% to a record $3.09 in 2015 compared to $2.56 in 2014. The 2015 period included a $0.34 unfavorable effect of foreign currency translation. Adjusted diluted EPS increased 13% to a record $3.13 in 2015 compared to $2.78 in 2014.
    Net income from continuing operations increased 14% to $10 million in the fourth quarter of 2015 compared to $9 million in the fourth quarter of 2014 and increased 20% to a record $34 million in 2015 compared to $29 million in 2014.
    Adjusted EBITDA increased 16% to a record $17 million in the fourth quarter of 2015 compared to the fourth quarter of 2014 and increased 9% to a record $62 million in 2015 compared to 2014.
    Revenue increased 2% to a record $108 million in the fourth quarter of 2015 compared to $105 million in the fourth quarter of 2014, including an $8 million, or 8%, decrease from the unfavorable effect of foreign currency translation. Excluding the foreign currency translation effect, revenue increased 10% in the fourth quarter of 2015 compared to the fourth quarter of 2014.
    For 2015, revenue decreased 3% to $390 million compared to a record $402 million in 2014, including a 2% increase from an acquisition and a $32 million, or 8%, decrease from the unfavorable effect of foreign currency translation. Excluding the acquisition and foreign currency translation effect, revenue increased 3% in 2015 compared to 2014.
    Bookings were $76 million in the fourth quarter of 2015, which included new orders of $92 million and a booking reversal of $16 million due to uncertainty regarding financing for a project in China that was originally recorded in 2014. Bookings in the fourth quarter of 2015 also included a $7 million unfavorable effect of foreign currency translation. Excluding the booking reversal and foreign currency translation effect, bookings decreased 4% in the fourth quarter of 2015 compared to the fourth quarter of 2014.
    For 2015, bookings were $376 million, which included new orders of $392 million and a booking reversal of $16 million. Bookings in 2015 also included a $34 million unfavorable effect of foreign currency translation and $7 million from an acquisition. Excluding the acquisition, booking reversal, and foreign currency translation effect, bookings decreased 3% in 2015 compared to 2014.
    Cash flows from continuing operations decreased 33% to $12 million in the fourth quarter of 2015 compared to $18 million in the fourth quarter of 2014, and decreased 22% to $38 million in 2015 compared to a record $49 million in 2014. Net cash (cash less debt) was $36 million at the end of 2015.

Note: Revenue excluding acquisitions and the effect of foreign currency translation, 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. The fourth quarter and fiscal year 2014 included an additional week compared with the comparable periods in fiscal 2015.

Management Commentary

“We ended 2015 on a high note with record-setting fourth quarter performances in revenue, adjusted EBITDA, and adjusted diluted EPS,” said Jonathan W. Painter, president and chief executive officer of Kadant. “Our record results for the fourth quarter of 2015 were largely driven by our Stock-Preparation product line in China and were achieved despite the negative effects of foreign currency translation due to a stronger U.S. dollar, which reduced diluted EPS by $0.10 compared to the fourth quarter of 2014.

“2015 was an excellent year for Kadant with record performances in gross margins, operating income, net income, adjusted EBITDA, and diluted EPS, which were achieved despite the significant negative foreign currency translation effects. Outstanding results in our Stock-Preparation product line in North America and China as well as in our Wood Processing Systems segment contributed to our strong performance.”

Fourth Quarter 2015

Operating income from continuing operations was $14.4 million in the fourth quarter of 2015 compared to $12.3 million in the fourth quarter of 2014. Operating income included restructuring costs of $0.2 million and a restructuring benefit of $0.1 million in the fourth quarters of 2015 and 2014, respectively. Adjusted operating income, a non-GAAP measure, was $14.6 million in the fourth quarter of 2015 compared to $12.2 million in the fourth quarter of 2014.

Net income from continuing operations was $10.4 million in the fourth quarter of 2015, or $0.94 per diluted share, compared to $9.1 million, or $0.82 per diluted share, in the fourth quarter of 2014. Net income from continuing operations in the fourth quarter of 2015 included a $0.1 million, or $0.01 per diluted share, after-tax restructuring cost. Net income from continuing operations in the fourth quarter of 2014 included a $0.1 million, or $0.01 per diluted share, after-tax restructuring benefit. Adjusted net income, a non-GAAP measure, was $10.5 million, or $0.95 per diluted share, in the fourth quarter of 2015 compared to $9.0 million, or $0.81 per diluted share, in the fourth quarter of 2014.

 Fiscal Year 2015

Operating income from continuing operations was $50.1 million in 2015 compared to $42.1 million in 2014. Operating income in 2015 included $0.2 million of expense related to acquired inventory and backlog and $0.5 million of restructuring costs. Operating income in 2014 included $2.6 million of expense related to acquired inventory and backlog and $0.8 million of restructuring costs. Adjusted operating income, a non-GAAP measure, was $50.8 million in 2015 compared to $45.5 million in 2014.

Net income from continuing operations was $34.3 million in 2015, or $3.09 per diluted share, compared to $28.7 million, or $2.56 per diluted share, in 2014. Net income from continuing operations in 2015 included after-tax expense related to acquired inventory and backlog of $0.1 million, or $0.01 per diluted share, and after-tax restructuring costs of $0.4 million, or $0.03 per diluted share. Net income from continuing operations in 2014 included after-tax expense related to acquired inventory and backlog of $1.9 million, or $0.17 per diluted share, and after-tax restructuring costs of $0.6 million, or $0.05 per diluted share. Adjusted net income, a non-GAAP measure, was $34.8 million, or $3.13 per diluted share, in 2015 compared to $31.2 million, or $2.78 per diluted share, in 2014.

 
Guidance

“We had an outstanding performance in 2015 with a number of financial records,” Mr. Painter continued. “As we look to 2016, we expect another strong year, although 2015 will be a challenging comparison. We anticipate that a reduction in capital activity, as well as foreign currency translation, will have a negative effect on our results in 2016. As a result, we expect to achieve GAAP diluted EPS from continuing operations of $2.80 to $2.90 in 2016 on revenue of $370 to $380 million. The 2016 guidance incudes an unfavorable foreign currency translation effect of $10 million on revenue and $0.11 on diluted EPS compared to 2015. Similar to 2015, we expect the first quarter of 2016 to be weaker with stronger successive quarterly operating results for the remainder of the year. For the first quarter of 2016, we expect to achieve GAAP diluted EPS from continuing operations of $0.55 to $0.58 on revenue of $89 to $91 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 $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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