Kadant (NYSE:KAI) Updates FY24 Earnings Guidance

Kadant (NYSE:KAI) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $9.80-$10.05 for the period, compared to the consensus 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 Stock Down 5.0 %

Kadant stock traded down $16.37 during mid-day trading on Friday, reaching $308.40. 59,686 shares of the company were exchanged, compared to its average volume of 89,227. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.27 and a current ratio of 2.05. The firm has a market cap of $3.62 billion, a P/E ratio of 33.83 and a beta of 1.24. The business has a fifty day moving average of $302.16 and a 200 day moving average of $300.60. Kadant has a 12-month low of $206.86 and a 12-month high of $363.40.

Kadant (NYSE:KAI) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.81 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $263.50 million. During the same quarter in the previous year, the business posted $2.54 EPS. Kadant’s revenue was up 12.2% on a year-over-year basis. Research analysts anticipate that Kadant will post 9.94 earnings per share for the current fiscal year.

Kadant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 8th. Investors of record on Thursday, July 11th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 0.42%. The ex-dividend date is Thursday, July 11th. Kadant’s payout ratio is currently 13.33%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Kadant news, Director Erin L. Russell sold 1,112 shares of Kadant stock in a transaction on Friday, May 31st. The shares were sold at an average price of $279.25, for a total value of $310,526.00. Following the completion of the transaction, the director now owns 3,802 shares of the company’s stock, valued at $1,061,708.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.40% of the stock is currently owned by insiders.

Kadant Company Profile

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.