WESTFORD, Mass. (AP) — WESTFORD, Mass. (AP) — Kadant Inc. (KAI) on Tuesday reported second-quarter profit of $31.3 million.
On a per-share basis, the Westford, Massachusetts-based company said it had profit of $2.66. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, were $2.81 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.43 per share.
The equipment supplier for the papermaking and paper recycling industries posted revenue of $274.8 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $264.4 million.
For the current quarter ending in September, Kadant expects its per-share earnings to range from $2.36 to $2.46.
The company said it expects revenue in the range of $257 million to $269 million for the fiscal third quarter.
Kadant expects full-year earnings in the range of $9.80 to $10.05 per share, with revenue ranging from $1.05 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
