Kadant Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Kadant Inc. has filed its Q1 2024 10-Q report, detailing financial performance for the quarter ending March 30, 2024.</b>

AI Summary

KADANT INC (KAI) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Kadant Inc. filed a 10-Q report for the quarterly period ending March 30, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 28th. Kadant Inc. is incorporated in Delaware. The company's principal business address is One Technology Park Drive, Westford, MA.

Why It Matters

For investors and stakeholders tracking KADANT INC, this filing contains several important signals. This filing provides investors with the latest financial data and operational updates for Kadant Inc., crucial for assessing the company's performance and future outlook. Understanding the details within this 10-Q is essential for stakeholders to make informed investment decisions regarding Kadant Inc.'s stock.

Risk Assessment

Risk Level: low — KADANT INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Kadant Inc.'s Q1 2024 performance and outlook.

Key Numbers

• 2024-03-30 — Reporting Period End Date (Conformed period of report)
• 2024-05-08 — Filing Date (Filed as of date)
• 12/28 — Fiscal Year End (Fiscal year end)
• 3550 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• KADANT INC (company) — Filer name
• 2024-03-30 (date) — Conformed period of report
• 2024-05-08 (date) — Filed as of date
• ONE TECHNOLOGY PARK DRIVE (address) — Business address street 1
• WESTFORD (location) — Business address city
• MA (location) — Business address state
• 01886 (postal_code) — Business address zip
• THERMO FIBERTEK INC (company) — Former company name

FAQ

Industry Context

Kadant Inc. operates in the Special Industry Machinery sector, specifically machinery excluding metalworking machinery.

Regulatory Implications

The filing is a standard 10-Q report under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key metrics.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into performance drivers and future outlook.
3. Check for any new risk factors or significant updates to existing ones.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following the annual report (10-K) for the fiscal year ending December 28, 2023.

Filing Documents

• kai-20240330.htm (10-Q) — 1144KB
• kaiform10q1q2024ex311.htm (EX-31.1) — 10KB
• kaiform10q1q2024ex312.htm (EX-31.2) — 10KB
• kaiform10q1q2024ex32.htm (EX-32) — 7KB
• 0000886346-24-000092.txt (&nbsp;) — 7468KB
• kai-20240330.xsd (EX-101.SCH) — 48KB
• kai-20240330_cal.xml (EX-101.CAL) — 91KB
• kai-20240330_def.xml (EX-101.DEF) — 258KB
• kai-20240330_lab.xml (EX-101.LAB) — 674KB
• kai-20240330_pre.xml (EX-101.PRE) — 469KB
• kai-20240330_htm.xml (XML) — 1140KB

: Financial Information

PART I: Financial Information Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheet as of March 30, 202 4 and December 3 0 , 202 3 3 Condensed Consolidated Statement of Income for the three -month periods ended March 30, 202 4 and April 1, 202 3 4 Condensed Consolidated Statement of Comprehensive Income for the three- month periods ended March 30, 202 4 and April 1, 202 3 5 Condensed Consolidated Statement of Cash Flows for the three -month periods ended March 30, 202 4 and April 1, 202 3 6 Condensed Consolidated Statement of Stockholders' Equity for the three -month periods ended March 30, 202 4 and April 1, 202 3 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 31

: Other Information

PART II: Other Information Item 1A.

Risk Factors

Risk Factors 31 Item 5. Other Information 31 Item 6. Exhibits 32 Table of Contents PART 1 – FINANCIAL INFORMATION

– Financial Statements

Item 1 – Financial Statements KADANT INC. Condensed Consolidated Balance Sheet (Unaudited) March 30, 2024 December 30, 2023 (In thousands, except share and per share amounts) Assets Current Assets: Cash and cash equivalents $ 81,440 $ 103,832 Restricted cash 1,178 2,621 Accounts receivable, net of allowances of $ 4,419 and $ 4,090 149,586 133,929 Inventories 171,958 152,677 Contract assets 10,673 8,366 Other current assets 39,914 38,757 Total Current Assets 454,749 440,182 Property, Plant, and Equipment, net of accumulated depreciation of 135,032 and $ 132,846 170,834 140,504 Other Assets 50,095 43,609 Intangible Assets, Net (Notes 1 and 2) 273,831 159,286 Goodwill (Notes 1 and 2) 459,917 392,084 Total Assets $ 1,409,426 $ 1,175,665 Liabilities and Stockholders' Equity Current Liabilities: Current maturities of long-term obligations (Note 6 ) $ 3,243 $ 3,209 Accounts payable 55,587 42,104 Accrued payroll and employee benefits 35,628 41,855 Customer deposits 65,536 62,641 Advanced billings 10,720 12,194 Other current liabilities 51,337 52,406 Total Current Liabilities 222,051 214,409 Long-Term Obligations (Note 6 ) 306,773 107,666 Long-Term Deferred Income Taxes 40,972 36,398 Other Long-Term Liabilities 44,862 40,952 Commitments and Contingencies (Note 1 2 ) Stockholders' Equity: Preferred stock, $ .01 par value, 5,000,000 shares authorized; none issued — — Common stock, $ .01 par value, 150,000,000 shares authorized; 14,624,159 shares issued 146 146 Capital in excess of par value 122,253 124,940 Retained earnings 784,062 763,131 Treasury stock at cost, 2,881,213 and 2,915,978 shares ( 70,601 ) ( 71,453 ) Accumulated other comprehensive items (Note 8 ) ( 53,173 ) ( 43,062 ) Total Kadant Stockholders' Equity 782,687 773,702 Noncontrolling interests (Note 2) 12,081 2,538 Total Stockholders' Equity 794,768 776,240 Total Liabilities and Stockholders' Equity $ 1,409,426 $ 1,175,665 The accompanying notes are an

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