Kadant (NYSE:KAI) Updates Q3 2024 Earnings Guidance

Kadant (NYSE:KAI) updated its third quarter 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 2.360-2.480 for the period, compared to the consensus earnings per share estimate of 2.670. The company issued revenue guidance of $257.0 million-$269.0 million, compared to the consensus revenue estimate of $273.9 million. Kadant also updated its FY 2024 guidance to 9.800-10.050 EPS.

Kadant Trading Down 4.6 %

Shares of KAI traded down $14.83 during trading hours on Friday, reaching $309.94. 102,964 shares of the company traded hands, compared to its average volume of 89,519. Kadant has a 12-month low of $206.86 and a 12-month high of $363.40. The firm has a market cap of $3.64 billion, a price-to-earnings ratio of 33.83 and a beta of 1.24. The stock’s fifty day moving average price is $302.16 and its 200 day moving average price is $300.60. The company has a current ratio of 2.05, a quick ratio of 1.27 and a debt-to-equity ratio of 0.39.

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

Kadant Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have weighed in on KAI. William Blair reaffirmed an outperform rating on shares of Kadant in a research note on Tuesday, April 30th. DA Davidson boosted their target price on Kadant from $290.00 to $300.00 and gave the company a neutral rating in a report on Thursday. Finally, Barrington Research reiterated an outperform rating and issued a $360.00 price objective on shares of Kadant in a research report on Wednesday, June 26th.

Insider Buying and Selling at Kadant

In related news, Director Erin L. Russell sold 1,112 shares of the business’s stock in a transaction that occurred on 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 directly owns 3,802 shares of the company’s stock, valued at approximately $1,061,708.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.40% of the stock is owned by company insiders.

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.