WESTFORD, Mass. (AP) _ Kadant Inc. (KAI) on Wednesday reported first-quarter profit of $12.5 million.
The Westford, Massachusetts-based company said it had net income of $1.09 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 84 cents per share.
The equipment supplier for the papermaking and paper recycling industries posted revenue of $159.1 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $155.4 million.
Kadant shares have declined 15% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $89.30, a fall of 11% in the last 12 months.