Kadant's Q4 2024 revenue increased 8% to $258.0 million compared to $238.7 million in 2023. Organic revenue decreased 5%, which excludes a 14% increase from acquisitions and a 1% decrease from the unfavorable effect of foreign currency translation. Gross margin was 43.4%, including a 40 basis point decrease from acquisition-related costs, compared to 42.7% in 2023.
Net income was $24.0 million, decreasing 12% compared to $27.4 million in 2023.
Adjusted EBITDA increased 8% to $52.4 million compared to $48.5 million in 2023 and was 20.3% of revenue in both periods. Operating cash flow decreased 12% to $51.9 million compared to $59.2 million in 2023. Free cash flow decreased six percent to $46.3 million compared to $49.5 million in 2023.
Bookings increased 10% to $240.6 million compared to $218.0 million in 2023. Organic bookings decreased 3%, which excludes a 14% increase from acquisitions and a 1% decrease from the unfavorable effect of foreign currency translation.
“The Q4 was a good finish to a record-setting year,” said Jeffrey L. Powell, President and CEO of Kadant Inc. “Excellent execution by our businesses led to solid margin performance and strong cash flows. Despite continued economic headwinds in many regions, industrial activity was relatively stable both year-over-year and sequentially.
“Our recent acquisitions made strong contributions not only to our Q4 performance, but to our full-year 2024 results, including record revenue of $1.05 billion, record adjusted EPS of $10.28 per share, and record adjusted EBITDA of $230 million at a record 21.8% of revenue. Overall, we achieved solid performance across our key financial metrics.”
Fiscal Year 2024 Compared to 2023
Revenue increased 10% to a record $1.053 billion compared to $957.7 million in 2023. Organic revenue decreased 2%, which excludes a 12% increase from acquisitions. Gross margin was 44.3%, including a 40 basis point decrease from acquisition-related costs, compared to 43.5% in 2023.
Net income was $111.6 million, decreasing 4% compared to $116.1 million in 2023. GAAP EPS decreased 4% to $9.48 compared to $9.90 in 2023. Adjusted EPS increased 2% to a record $10.28 compared to $10.04 in 2023. Adjusted EPS excludes $0.74 of acquisition-related costs and $0.06 of other costs in 2024. Adjusted EPS excludes $0.10 of acquisition costs and $0.04 of restructuring costs in 2023.
Adjusted EBITDA increased 14% to a record $229.7 million and represented a record 21.8% of revenue compared to $201.3 million and 21.0% of revenue in the prior year. Operating cash flow decreased 6% to $155.3 million compared to $165.5 million in 2023. Free cash flow was $134.3 million compared to $133.7 million in 2023.
Bookings increased 7% to a record $981.1 million compared to $917.4 million in 2023. Organic bookings decreased 5%, which excludes a 13% increase from acquisitions and a 1% decrease from the unfavorable effect of foreign currency translation.
Kadant Inc. is a global supplier of technologies and engineered systems.
