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Kadant Reports Fourth Quarter and Fiscal Year 2024 Results
KAIKadant(KAI) Newsfilter·2025-02-12 21:43

Core Viewpoint - Kadant Inc. reported strong financial results for the fourth quarter and fiscal year 2024, achieving record revenue and adjusted earnings despite economic challenges [4][5][14]. Fourth Quarter Financial Highlights - Revenue increased by 8% to 258.0millioncomparedto258.0 million compared to 238.7 million in 2023 [5][8]. - Organic revenue decreased by 5%, excluding a 14% increase from acquisitions and a 1% decrease from unfavorable foreign currency translation [5][10]. - Gross margin was 43.4%, a slight increase from 42.7% in 2023 [5][10]. - Net income decreased by 12% to 24.0million,withGAAPEPSalsodown1224.0 million, with GAAP EPS also down 12% to 2.04 [6][8]. - Adjusted EPS decreased by 7% to 2.25,excludingacquisition−relatedcosts[6][8].−AdjustedEBITDAincreasedby82.25, excluding acquisition-related costs [6][8]. - Adjusted EBITDA increased by 8% to 52.4 million, maintaining a margin of 20.3% [7][8]. - Operating cash flow decreased by 12% to 51.9million[7][8].−Bookingsincreasedby1051.9 million [7][8]. - Bookings increased by 10% to 240.6 million compared to 218.0millionin2023[8].FiscalYearFinancialHighlights−Revenueforthefiscalyearincreasedby10218.0 million in 2023 [8]. Fiscal Year Financial Highlights - Revenue for the fiscal year increased by 10% to a record 1.05 billion compared to 957.7millionin2023[10][11].−Organicrevenuedecreasedby2957.7 million in 2023 [10][11]. - Organic revenue decreased by 2%, excluding a 12% increase from acquisitions [10][11]. - Gross margin improved to 44.3% from 43.5% in 2023 [10][11]. - Net income decreased by 4% to 111.6 million, with GAAP EPS down 4% to 9.48[11][12].−AdjustedEPSincreasedby29.48 [11][12]. - Adjusted EPS increased by 2% to a record 10.28 [11][12]. - Adjusted EBITDA rose by 14% to a record 229.7million,representing21.8229.7 million, representing 21.8% of revenue [12][12]. - Operating cash flow decreased by 6% to 155.3 million [12][12]. - Bookings increased by 7% to a record 981.1millioncomparedto981.1 million compared to 917.4 million in 2023 [13][13]. Management Commentary and Outlook - Management expressed optimism about project activity and stable demand for aftermarket parts entering 2025 [14]. - The company expects revenue for 2025 to be between 1.040billionand1.040 billion and 1.065 billion, with GAAP EPS projected between 9.63and9.63 and 9.98 [14]. - The guidance includes a negative impact from foreign currency translation, reducing revenue by 23millionandadjustedEPSby23 million and adjusted EPS by 0.32 [14].