Kadant's 1Q 2020 revenue decreased 7% to $159.1 million compared to $171.3 million in 2019. Gross margin was 42.9% compared to 41.2% in 2019.
GAAP diluted EPS increased 14% to $1.09 compared to $0.96 in 2019. Adjusted diluted EPS decreased 12% to $1.09 compared to $1.24 in 2019. Adjusted diluted EPS in 2019 excludes $0.22 of amortization from acquired profit in inventory and backlog and $0.06 of acquisition costs. Adjusted EBITDA decreased 9% to $27.3 million compared to $30 million in 2019. Cash flows from operations decreased 38% to $6.2 million compared to $9.9 million in 2019.
Bookings decreased 4% to $175.6 million compared to $183.6 million in 2019. Organic bookings were down 3%, which excludes a 1% decrease from the unfavorable effect of foreign currency translation.
“Our 1Q results reflect the strong dedication and perseverance of our employees around the world who led us to an EPS beat and solid revenue performance,” said Jeffrey L. Powell, president and CEO of Kadant. “As an essential industry supplier, all our manufacturing plants remain fully operational and our team continues to work diligently to serve the needs of our customers in this challenging environment.
Kadant Inc. is a global supplier of high-value, critical components and engineered systems used in process industries worldwide.
