WESTFORD, Mass. (AP) — WESTFORD, Mass. (AP) — Kadant Inc. (KAI) on Tuesday reported third-quarter net income of $31.6 million.
The Westford, Massachusetts-based company said it had profit of $2.68 per share. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, were $2.84 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.43 per share.
The equipment supplier for the papermaking and paper recycling industries posted revenue of $271.6 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $265.9 million.
For the current quarter ending in December, Kadant expects its per-share earnings to range from $1.90 to $2.10.
The company said it expects revenue in the range of $252 million to $260 million for the fiscal fourth quarter.
Kadant expects full-year earnings in the range of $9.93 to $10.13 per share, with revenue ranging from $1.05 billion to $1.06 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KAI at https://www.zacks.com/ap/KAI
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