Kadant Inc. (NYSE:KAI) reported its financial results for the third quarter ended September 29, 2012.
Third Quarter 2012 Financial Highlights
- GAAP diluted earnings per share (EPS) from continuing operations was $0.66 in the third quarter of 2012 compared to $0.80 in the third quarter of 2011. Guidance was $0.49 to $0.51.
- Adjusted diluted EPS was a record $0.66 in the third quarter of 2012, increasing 40% compared to $0.47 in the third quarter of 2011.
- Including the discontinued operation, GAAP diluted EPS was $0.74 in the quarter compared to $0.70 in the third quarter of 2011.
- Revenues were $86.6 million in the quarter, up 3% including a 4% unfavorable foreign currency translation effect, compared to the third quarter of 2011. Guidance was $80 to $82 million.
- Cash flows from continuing operations were $13.2 million in the quarter, up 7% from the third quarter of 2011.
- Net cash was $41.5 million at the end of the quarter, the highest level in over seven years.
- We entered into a new unsecured five-year $100 million credit facility in August.
Note: Adjusted diluted EPS is a non-GAAP measure that excludes certain items as detailed later in this press release under the heading “Use of Non-GAAP Financial Measures” and in the reconciliation tables below.
Management Commentary“We had another excellent quarter and are on pace to achieve record adjusted diluted EPS for the full year 2012,” said Jonathan W. Painter, president and chief executive officer of Kadant. “GAAP diluted EPS from continuing operations was $0.66 and well above our guidance of $0.49 to $0.51 due to higher revenues and a lower effective tax rate. We set a new record for the highest quarterly adjusted diluted EPS result achieved in our twenty-year history as a public company.