Operating income from continuing operations was $12.3 million in the 4Q 2014 compared to $7.6 million in the 4Q 2013. Operating income in the 4Q 2014 includes a $0.1 million restructuring benefit.
Net income from continuing operations increased 53% to $9 million in the 4Q 2014 compared to $6 million in the 4Q 2013 and increased 22% to $29 million in 2014 compared to $23 million in 2013.
Adjusted EBITDA increased 26% to a record $56 million in 2014 compared to $45 million in 2013.
For fiscal year 2014, Kadant reported revenue from continuing operations of $402.1 million, an increase of $57.6 million, or 17%, compared with $344.5 million in 2013. Revenue for 2014 included $38.1 million from acquisitions and a $2.8 million decrease from the unfavorable effects of foreign currency translation.
Operating income from continuing operations was $42.1 million in 2014 compared to $33.3 million in 2013. Operating income in 2014 includes $2.6 million of expense related to acquired inventory and backlog and $0.8 million of restructuring costs.
“We had excellent results in fiscal year 2014 and ended the year with record-setting fourth quarter performances in revenue, adjusted EBITDA, and adjusted diluted EPS,” said Jonathan W. Painter, president and CEO of Kadant. “Our record results for the 4Q 2014 were achieved despite the negative effects of foreign currency translation due to a stronger U.S. dollar, which reduced revenue by $5 million and diluted EPS by $0.05 compared to the 4Q 2013.
“Revenue in the 4Q was a record $105 million, increasing 11% compared to the 4Q 2013, including a 35% increase in North America primarily due to strong performances in our Wood Processing Systems, Stock-Preparation, and Fluid-Handling product lines. For 2014, revenue increased 17% to a record $402 million, including 11% from acquisitions. Excluding acquisitions and the unfavorable impact of currency rates, revenue increased a solid 6% in 2014.”
Kadant Inc. is a global supplier of high-value, critical components and engineered systems used in process industries worldwide.
