Kadant Tops Street View, Q4 Net Income Up 46% From Year-Ago, Says Co-COO to Become President and CEO

Kadant Inc (KAI) on Wednesday reported Q4 net income of $1.66 per share, up 46% from $1.14 per share in the year-ago quarter. Analysts polled by Capital IQ were expecting EPS of $1.35.

Revenue for the quarter ended Dec. 29, 2018, was $163.9 million, up 10% from $149.1 million in the year-ago period. Analysts were expecting revenue of $160.67 million.

The company expects Q1 EPS of $1.11 to $1.17 on revenue of $160 to $165 million. For the full year, the company expects EPS of $5.20 to $5.35 on revenue of $700 to $710 million. Analysts were expecting Q1 mean EPS of $1.11 on mean revenue of $185 million, and full-year mean EPS of $5.58 on revenue of $764 million.

Separately, it said Jeffrey L. Powell will be named president effective April 1, and chief executive officer and a director effective July 1. Jonathan W. Painter will become executive chairman of the board of directors effective July 1. William A. Rainville,current chairman of the board of directors, has decided not to stand for reelection as a director and will cease to be a director and the chairman of the board of directors when his current term ends at the 2019 annual meeting of stockholders.

Powell has been a co-chief operating officer since March 2018 and an executive vice president for six years.