Kadant Reports 2017 First Quarter Results
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Raises Full-Year Revenue and EPS Guidance
WESTFORD, Mass.--(BUSINESS WIRE)--May, 2017-- Kadant Inc. (NYSE: KAI) reported its financial results for the first quarter ended April 1, 2017.
First Quarter 2017 Highlights
- GAAP diluted EPS increased 29% to $0.80 and adjusted diluted EPS increased 11%
- Net income increased 30% to $9 million
- Adjusted EBITDA increased 11% to $15 million and represented 15% of revenue
- Revenue increased 7% to $103 million
- Gross margin was 47.6%
- Bookings increased 23% to a record $119 million
- Record bookings and revenue for parts and consumables
Note: Adjusted diluted EPS, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP financial measures that exclude certain items as detailed later in this press release.
“We had a strong start to 2017 with better-than-expected revenue and excellent EPS performance in the first quarter,” said Jonathan Painter, president and chief executive officer. “Our EPS performance was driven by a strong gross margin, which benefited from record parts and consumables revenue. Our parts and consumables aftermarket business has been a long-standing strategic focus of ours and I am pleased to see these positive results.
“Another highlight of the quarter was our record bookings of $119 million, which follows our strong bookings performance in the fourth quarter of 2016. Record parts and consumables bookings, continued strong capital bookings in China, and excellent bookings from our Wood Processing and Fluid-Handling product lines in North America fueled this performance. Although we do not expect the high level of capital bookings in China to last indefinitely, we do continue to see an active pipeline of projects, including an order we received in the second quarter of 2017 for over $6 million for two recycled stock-preparation systems for a producer of containerboard.”
First Quarter 2017 Results
Revenue increased seven percent compared to the first quarter of 2016 to $102.9 million, including a $13.3 million increase from an acquisition and a $1.0 million decrease from the unfavorable effect of foreign currency translation. Gross margin was 47.6 percent. Net income was $9.0 million, or $0.80 per diluted share, compared to $6.9 million, or $0.62 per diluted share, in the first quarter of 2016, representing increases of 30 percent for net income and 29 percent for diluted EPS. Adjusted diluted EPS increased 11 percent to $0.80 in the first quarter of 2017, compared to $0.72 in the first quarter of 2016. Adjusted diluted EPS in the first quarter of 2016 excludes $0.12 of acquisition costs and a $0.02 gain on the sale of assets. Adjusted EBITDA increased 11 percent to $15.3 million compared to $13.7 million in the first quarter of 2016, which excludes acquisition costs of $1.4 million and a gain on the sale of assets of $0.3 million. Bookings increased 23 percent to $118.9 million compared to $96.9 million in the first quarter of 2016, including the net effect of a $12.6 million increase from an acquisition and a $1.4 million decrease from the unfavorable effect of foreign currency translation.
Summary and Outlook
“We are in a strong position as we move into 2017 with excellent operating metrics, a robust parts and consumables business, and strong bookings momentum,” Mr. Painter continued. “Based on our bookings and operating performance in the first quarter, as well as our outlook for the remainder of the year, we are increasing our guidance for 2017. We expect to report full year revenue of $427 to $437 million, revised from our previous guidance of $423 to $433 million. We expect to achieve GAAP diluted EPS of $3.27 to $3.37 in 2017, revised from our previous guidance of $3.13 to $3.23. The 2017 guidance includes an unfavorable foreign currency translation effect of $7 million on revenue and $0.09 on diluted EPS compared to 2016. For the second quarter of 2017, we expect GAAP diluted EPS of $0.87 to $0.91 on revenue of $107 to $110 million.”