Kadant Inc. reported its financial results for the 2Q ended June 29, 2019. Revenue increased 14% to $177.2 million compared to the 2Q 2018, including $20.2 million from an acquisition and a $5.7 million decrease from the unfavorable effect of foreign currency translation, as the company said in the press release received by Lesprom Network.
Gross margin was 42%, including a 70 basis point negative impact from the amortization of acquired profit in inventory. Net income was $16.3 million, or $1.42 per diluted share, in the 2Q 2019 compared to $12.3 million, or $1.08 per diluted share in the 2Q 2018.
Adjusted EBITDA increased 25% to $32.7 million compared to $26.1 million in the 2Q 2018.
“The excellent start we had to 2019 continued in the 2Q with record revenue and a solid EPS guidance beat,” said Jeffrey L. Powell, president and CEO. “Despite foreign currency headwinds and weakening demand in Asia, we achieved good internal revenue growth from our legacy businesses and solid performance from our recent material handling acquisition leading to record revenue of $177 million in the 2Q 2019."
Kadant Inc. is a global supplier of high-value, critical components and engineered systems.
