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Apr 01, 2023
Kadant Q1 2023 Earnings Report
Kadant had an outstanding start to 2023 with record bookings, record adjusted EPS, and excellent cash flow.
Key Takeaways
Kadant reported a 1% increase in revenue to $230 million and record bookings of $275 million. Adjusted EPS increased 5% to a record $2.40, and adjusted EBITDA increased 6% to $49 million. The company raised its full-year earnings guidance.
Bookings increased 3% to a record $275 million
Operating cash flow increased 55% to $37 million
Revenue increased 1% to $230 million
Adjusted EBITDA increased 6% to $49 million and represented 21.1% of revenue
Kadant
Kadant
Forward Guidance
Kadant raised its guidance for the full year. The company now expects revenue of $910 to $935 million and GAAP EPS of $8.82 to $9.07 in 2023. For the second quarter of 2023, the company expects revenue of $230 to $235 million and GAAP EPS of $2.01 to $2.11.
Positive Outlook
- Expect revenue of $910 to $935 million in 2023
- Expect GAAP EPS of $8.82 to $9.07 in 2023
- Expect adjusted EPS of $8.90 to $9.15 in 2023
- Expect revenue of $230 to $235 million for Q2 2023
- Expect GAAP EPS of $2.01 to $2.11 for Q2 2023
Challenges Ahead
- Includes pre-tax relocation costs of $1.2 million
- Includes $0.08 per diluted share related to the relocation of one of our Chinese facilities
- Expect adjusted EPS of $2.05 to $2.15 for Q2 2023, excluding $0.04 per diluted share of relocation costs
- Unfavorable effect of foreign currency translation
- Net income decreased 32% to $28 million