WESTFORD, Mass. (AP) _ Kadant Inc. (KAI) on Tuesday reported third-quarter profit of $16.1 million.
On a per-share basis, the Westford, Massachusetts-based company said it had profit of $1.41.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.27 per share.
The equipment supplier for the papermaking and paper recycling industries posted revenue of $173.5 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $172.9 million.
For the current quarter ending in December, Kadant expects its per-share earnings to range from $1.23 to $1.31.
The company said it expects revenue in the range of $172 million to $176 million for the fiscal fourth quarter.
Kadant expects full-year earnings in the range of $5.30 to $5.38 per share, with revenue ranging from $694 million to $698 million.
Kadant shares have climbed 9% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $88.82, a decrease of slightly more than 6% in the last 12 months.