Kadant (NYSE:KAI) Releases FY24 Earnings Guidance

Kadant (NYSE:KAI) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $9.80-$10.05 for the period, compared to the consensus earnings per share estimate of $10.03. The company issued revenue guidance of $1.045-$1.065 billion, compared to the consensus revenue estimate of $1.06 billion. Kadant also updated its FY 2024 guidance to 9.800-10.050 EPS.

Kadant Trading Down 3.7 %

Shares of KAI stock traded down $11.93 on Friday, hitting $312.84. 61,985 shares of the stock traded hands, compared to its average volume of 89,242. Kadant has a twelve month low of $206.86 and a twelve month high of $363.40. The stock has a market capitalization of $3.67 billion, a PE ratio of 33.83 and a beta of 1.24. The firm’s 50-day moving average price is $302.16 and its two-hundred day moving average price is $300.60. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.27 and a current ratio of 2.05.

Kadant (NYSE:KAI) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.38. The business had revenue of $275.00 million during the quarter, compared to analysts’ expectations of $263.50 million. Kadant had a net margin of 11.35% and a return on equity of 15.73%. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.54 EPS. As a group, analysts anticipate that Kadant will post 9.94 EPS for the current year.

Kadant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 8th. Shareholders of record on Thursday, July 11th will be given a $0.32 dividend. The ex-dividend date is Thursday, July 11th. This represents a $1.28 dividend on an annualized basis and a yield of 0.41%. Kadant’s dividend payout ratio is currently 13.33%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on KAI. William Blair reissued an outperform rating on shares of Kadant in a research report on Tuesday, April 30th. DA Davidson lifted their price target on shares of Kadant from $290.00 to $300.00 and gave the company a neutral rating in a research report on Thursday. Finally, Barrington Research reaffirmed an outperform rating and set a $360.00 price objective on shares of Kadant in a research report on Wednesday, June 26th.

Insider Activity at Kadant

In other Kadant news, Director Erin L. Russell sold 1,112 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $279.25, for a total transaction of $310,526.00. Following the transaction, the director now owns 3,802 shares of the company’s stock, valued at $1,061,708.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.40% of the company’s stock.

About Kadant

Kadant Inc supplies technologies and engineered systems worldwide. It operates in three segments: Flow Control, Industrial Processing, and Material Handling. The Flow Control segment develops, manufactures, and markets fluid-handling systems and equipment, such as rotary joints, syphons, turbulator bars, expansion joints, and engineered steam and condensate systems; and doctoring, cleaning, and filtration systems and related consumables consisting of doctor systems and holders, doctor blades, cleaning shower and fabric-conditioning systems, forming systems and wear surfaces, and water-filtration systems.