Kadant Q2 2024 Earnings Report
Key Takeaways
Kadant Inc. reported a 12% increase in revenue to a record $275 million for the second quarter ended June 29, 2024. Net income increased by 5% to $31 million, with GAAP EPS up by 5% to $2.66 and adjusted EPS increasing by 11% to a record $2.81. Adjusted EBITDA also reached a record $62 million, representing 22.5% of revenue.
Revenue increased 12% to a record $275 million.
Adjusted EBITDA was a record $62 million, representing 22.5% of revenue.
Net income increased 5% to $31 million.
Adjusted EPS increased 11% to a record $2.81.
Kadant
Kadant
Forward Guidance
Kadant is raising the low end of its revenue and adjusted EPS guidance for the full year. The company now expects revenue of $1.045 to $1.065 billion and adjusted EPS of $9.80 to $10.05 for 2024. For the third quarter of 2024, the company expects revenue of $257 to $269 million, GAAP EPS of $2.27 to $2.39 and adjusted EPS of $2.36 to $2.48.
Positive Outlook
- Revenue of $1.045 to $1.065 billion in 2024
- Adjusted EPS of $9.80 to $10.05 for 2024
- Revenue of $257 to $269 million for Q3 2024
- GAAP EPS of $2.27 to $2.39 for Q3 2024
- Adjusted EPS of $2.36 to $2.48 for Q3 2024
Challenges Ahead
- Persistent economic headwinds in certain regions.
- Industrial demand in the second half of the year to be similar to the first half of the year
- 2024 adjusted EPS guidance excludes $0.60 of acquisition-related costs
- Q3 2024 adjusted EPS excludes $0.09 of acquisition-related costs
- Unfavorable effect of foreign currency translation