Kadant Inc. reported its financial results for the 4Q and fiscal year ended December 29, 2018. Revenue increased 10% to $163.9 million compared to $149.1 million in the 4Q 2017, and included a $5 million decrease from the unfavorable effect of foreign currency translation. Gross margin was 43.3%, as the company said in the press release received by Lesprom Network.
Net income was $18.4 million, or $1.61 per diluted share, compared to $0.8 million, or $0.07 per diluted share, in the fourth quarter of 2017. Adjusted EBITDA increased 20% to $32 million compared to $26.7 million in the 4Q 2017.
FY 2018 revenue increased 23% to a record $633.8 million compared to $515 million in 2017 and included $64.6 million from acquisitions and a $2.6 million increase from the favorable effect of foreign currency translation.
Gross margin was 43.9%. Net income was $60.4 million, or a record $5.30 per diluted share, compared to $31.1 million, or $2.75 per diluted share, in 2017.
Adjusted EBITDA increased 26% to a record $115.2 million compared to $91.7 million in 2017. Adjusted EBITDA excludes $1.7 million of restructuring costs and $1.6 million of acquisition-related costs in 2018.
Kadant Inc. is a global supplier of high-value, critical components and engineered systems.