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Kadant: 2Q Earnings Snapshot

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.


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