WESTFORD, Mass. (AP) — WESTFORD, Mass. (AP) — Kadant Inc. (KAI) on Wednesday reported fourth-quarter profit of $24 million.
On a per-share basis, the Westford, Massachusetts-based company said it had net income of $2.04. Earnings, adjusted for amortization costs and non-recurring costs, came to $2.25 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.08 per share.
The equipment supplier for the papermaking and paper recycling industries posted revenue of $258 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $258.1 million.
For the year, the company reported profit of $111.6 million, or $9.48 per share. Revenue was reported as $1.05 billion.
For the current quarter ending in March, Kadant expects its per-share earnings to range from $1.85 to $2.05.
The company said it expects revenue in the range of $235 million to $242 million for the fiscal first quarter.
Kadant expects full-year earnings in the range of $9.70 to $10.05 per share, with revenue ranging from $1.04 billion to $1.07 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KAI at https://www.zacks.com/ap/KAI
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