Kadant Inc.reported its financial results for the 4Q and fiscal year ended December 28, 2019. Revenue increased 11% to $182.7 million compared to $163.9 million in 2018. Organic revenue was down 1%, which excludes a 14% increase from an acquisition and a 2% decrease from the unfavorable effect of foreign currency translation.
Gross margin was 40.9% compared to 43.3% in 2018.
Adjusted EBITDA increased 1% to $32.2 million compared to $32 million in 2018. Cash flows from operations increased to a record $39.2 million compared to $10.4 million in 2018.
FY 2019 revenue increased 11% to $704.6 million compared to $633.8 million in 2018. Organic revenue growth was 1%, which excludes a 13% increase from an acquisition and a 3% decrease from the unfavorable effect of foreign currency translation. Gross margin was 41.7% compared to 43.9% in 2018.
Adjusted EBITDA increased 10% to $127.1 million compared to $115.2 million in 2018. Cash flows from operations increased 55% to a record $97.4 million in 2019 compared to $63.0 million in 2018.
“The 4Q was a solid finish to another record-setting year,” said Jeffrey L. Powell, President and CEO. “Kadant’s full-year organic revenue increased for the third consecutive year and contributed to strong performance in a number of key financial metrics, including adjusted diluted EPS and adjusted EBITDA. We were particularly pleased with our record cash flows from operations for the year of $97 million, up 55% from 2018, and record free cash flows of $87 million, up 88% from 2018.”
Kadant Inc. is a global supplier of high-value, critical components and engineered systems used in process industries worldwide.
