Kadant Inc. reported its financial results for the 3Q ended September 30, 2017. Revenue increased 45% to $152.8 million compared to the 3Q 2016, including $29.2 million from acquisitions and a $2.6 million increase from the favorable effect of foreign currency translation.
Gross margin was 42.3%, including a negative 220 basis point impact from the amortization of acquired profit in inventory.
Net income was $13.3 million, or $1.17 per diluted share, compared to $9.2 million, or $0.82 per diluted share, in the 3Q 2016.
Adjusted EBITDA increased 85% to $29.9 million compared to $16.2 million in the 3Q 2016.
“Following our strong first half of 2017, we had another outstanding quarter with a number of record-setting performances across a broad range of metrics contributing to a strong EPS and revenue beat,” said Jonathan Painter, president and CEO of Kadant. “Our 3Q financial results were driven by a combination of better than expected performance from our Wood Processing acquisition and significant internal growth, particularly in China.
Kadant Inc. is a global supplier of high-value, critical components and engineered systems used in process industries worldwide.
