WESTFORD, Mass. (AP) — WESTFORD, Mass. (AP) — Kadant Inc. (KAI) on Wednesday reported fourth-quarter profit of $26.1 million.
On a per-share basis, the Westford, Massachusetts-based company said it had profit of $2.23. Earnings, adjusted for non-recurring costs, came to $2.33 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2 per share.
The equipment supplier for the papermaking and paper recycling industries posted revenue of $232.1 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $220 million.
For the year, the company reported profit of $120.9 million, or $10.35 per share. Revenue was reported as $904.7 million.
For the current quarter ending in March, Kadant said it expects revenue in the range of $217 million to $223 million.
The company expects full-year earnings in the range of $8.80 to $8.95 per share, with revenue ranging from $900 million to $925 million.
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