Adjusted net income from continuing operations, a non-GAAP measure, was $7 million, or $0.63 per diluted share, in the 3Q 2014 compared to $6.5 million, or $0.57 per diluted share, in the 3Q 2013.
Adjusted EBITDA was the second highest in the Company’s history, increasing 9% to $13 million in the 3Q 2014 compared to $12 million in the 3Q 2013.
“We had a solid third quarter with strong cash flows, gross margin, adjusted EBITDA, and a new record for parts and consumables revenue,” said Jonathan W. Painter, president and CEO of Kadant Inc. “We exceeded our EPS guidance due to strong revenue performance, particularly in our Stock-Preparation and Wood Processing Systems product lines.
“Revenue was $99 million in the 3Q 2014, increasing 8% compared to the 3Q 2013, including a 47% increase in North America. We were pleased with our record parts and consumables revenue, which increased 21% to $63 million in the 3Q 2014 compared to the 3Q 2013, and reflects the continued focus we have placed on our parts and consumables business over the past several years.”
Kadant Inc. is a global supplier of high-value, critical components and engineered systems used in process industries worldwide.
