Kadant Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 31, 2023 at 04:46 pm EDT
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Kadant Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 244.18 million compared to USD 224.51 million a year ago. Net income was USD 30.86 million compared to USD 27.49 million a year ago. Basic earnings per share from continuing operations was USD 2.64 compared to USD 2.36 a year ago. Diluted earnings per share from continuing operations was USD 2.63 compared to USD 2.35 a year ago.
For the nine months, sales was USD 718.99 million compared to USD 672.64 million a year ago. Net income was USD 88.67 million compared to USD 94.85 million a year ago. Basic earnings per share from continuing operations was USD 7.58 compared to USD 8.14 a year ago. Diluted earnings per share from continuing operations was USD 7.57 compared to USD 8.12 a year ago.
Kadant Inc. is a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing. Its segments include Flow Control, Industrial Processing, and Material Handling. Flow Control segment includes rotary sealing devices, steam systems, expansion joints, doctor systems, roll and fabric cleaning devices, and filtration and fiber recovery systems. Industrial Processing segment includes equipment, machinery, and technologies used to process recycled paper and timber for the packaging, tissue, wood products and alternative fuel industries, among others. It provides industrial automation and digitization solutions to process industries. Material Handling segment products include conveying and vibratory equipment and balers. It manufactures and sells biodegradable, absorbent granules used as carriers in agricultural applications and for oil and grease absorption. It also offers engineered fluid sealing and transfer solutions for rotating applications.