Kadant’s revenue increased 41% to a record $154.9 million compared to the 2Q 2017, including $28.9 million from acquisitions and a $4.6 million increase from the favorable effect of foreign currency translation. Gross margin was 44%, as the company says in the press release received by Lesprom Network.
Net income increased 53% to $12.3 million, or $1.08 per diluted share, compared to $8.1 million, or $0.72 per diluted share, in the 2Q 2017.
Adjusted EBITDA increased 37% to $26.1 million compared to $19 million in the 2Q 2017. Adjusted EBITDA excludes $0.6 million of restructuring costs in the 2Q 2018 and $4.1 million of acquisition costs in the 2Q 2017. Cash flows from operations increased 20% to $28.4 million compared to $23.7 million in the 2Q 2017.
Jonathan Painter, president and CEO, said: “The strong start we had to 2018 continued into the 2Q with record revenue and solid EPS performance. The growth in revenue was broad-based across all our product lines and especially strong in North America. Our near-record bookings of $176 million in the 2Q benefited from the robust economy in North America, capacity build-outs in Asia, and our acquisitions. Our book-to-bill ratio for the first six months of 2018 was 1.18, driven by strong growth in bookings in our Stock-Preparation and Fluid-Handling product lines.”
Kadant Inc. is a global supplier of high-value, critical components and engineered systems used in process industries worldwide.
