Loading...
•
Jul 01, 2023
Kadant Q2 2023 Earnings Report
Kadant reported record revenue and raised earnings guidance.
Key Takeaways
Kadant reported record revenue of $245 million, a 11% increase year-over-year. Net income increased 14% to $30 million, and adjusted EBITDA increased 12% to $52 million. The company raised its full-year revenue and earnings guidance.
Revenue increased 11% to a record $245 million.
Bookings decreased 19% to $215 million.
Net income increased 14% to $30 million.
Adjusted EBITDA increased 12% to a record $52 million, representing 21.0% of revenue.
Kadant
Kadant
Forward Guidance
Kadant expects industrial demand to continue at current levels and is raising its revenue and earnings guidance for the full year 2023.
Positive Outlook
- Revenue of $229 to $236 million is expected for Q3 2023.
- GAAP EPS of $2.15 to $2.25 is expected for Q3 2023.
- Adjusted EPS of $2.19 to $2.29 is expected for Q3 2023, excluding relocation costs.
- Revenue of $925 to $940 million is now expected for the full year 2023.
- GAAP EPS of $9.11 to $9.31 is now expected for the full year 2023.
Challenges Ahead
- Industrial demand is expected to continue at current levels.
- The 2023 guidance includes pre-tax relocation costs of $0.6 million, or $0.04 per diluted share.
- Bookings decreased 19% to $215.2 million compared to $265.9 million in 2022.
- Organic bookings decreased 18 percent, which excludes a one percent decrease from the unfavorable effect of foreign currency translation.
- Macroeconomic headwinds and general slowdown in industrial activity.