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Kadant: 3Q Earnings Snapshot

·1 min read

WESTFORD, Mass. (AP) _ Kadant Inc. (KAI) on Tuesday reported third-quarter profit of $14.9 million.

On a per-share basis, the Westford, Massachusetts-based company said it had net income of $1.28. Earnings, adjusted for one-time gains and costs, came to $1.31 per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 99 cents per share.

The equipment supplier for the papermaking and paper recycling industries posted revenue of $154.6 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $142.7 million.

Kadant shares have increased roughly 9% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $114.73, a climb of 31% in the last 12 months.

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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