WESTFORD, Mass. (AP) _ Kadant Inc. (KAI) on Tuesday reported second-quarter earnings of $16.3 million.
On a per-share basis, the Westford, Massachusetts-based company said it had net income of $1.42.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.11 per share.
The equipment supplier for the papermaking and paper recycling industries posted revenue of $177.2 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $168.3 million.
Kadant expects full-year earnings in the range of $5.26 to $5.38 per share, with revenue in the range of $700 million to $710 million.
Kadant shares have climbed nearly 7% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $87.10, a drop of roughly 9% in the last 12 months.