Kadant (KAI) FY2021 results: revenue $787 million, up 23.9% on the year

Kadant Inc. (KAI) reported revenue of $787 million for fiscal 2021, the year ended 1 January 2022, up 23.9% on the year before. Net income was $84 million, up 52.3%, and diluted earnings per share $7.21. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$787 million

+23.9% on the year

FY2014FY2021

Operating margin

14.8%

12.8% a year earlier

FY2014FY2021

Net income

$84 million

+52.3% on the year

FY2014FY2021

Diluted EPS

$7.21

+51.2% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q3 FY2021 · Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	787	635	705	+23.9%
Cost of revenue	449	358	411	+25.6%
Gross profit	337	277	294	+21.7%
Gross margin	42.9%	43.7%	41.7%
Research and development	11.4	11.3	10.9	+0.9%
Selling, general and administrative	209	182	193	+14.8%
Operating income	117	81.1	87.8	+43.9%
Operating margin	14.8%	12.8%	12.5%
Interest expense	4.8	7.4	12.8	-35.1%
Pre-tax income	112	73.7	68.9	+52.1%
Income tax	27.2	17.9	16.4	+51.4%
Effective tax rate	24.2%	24.4%	23.7%
Net income	84.0	55.2	52.1	+52.3%
Net margin	10.7%	8.7%	7.4%
Diluted EPS	$7.21	$4.77	$4.54	+51.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	162	92.9	97.4	+74.9%
Capital expenditure	12.8	7.6	10.0	+68.2%
Free cash flow	150	85.3	87.5	+75.5%
Free cash flow margin	19.0%	13.4%	12.4%
Cash from investing	-154	-14.5	-187
Cash from financing	22.8	-84.6	112
Depreciation and amortisation	34.3	31.3	32.4	+9.5%
Share-based compensation	8.5	6.8	6.8	+25.8%
Dividends paid	11.5	10.9	10.2	+5.1%
Dividend per share	$1.00	$0.96	$0.92	+4.2%
Diluted shares, weighted	12m	12m	11m	+0.8%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	564	495	426	+13.8%
Non-controlling interest	1.7	1.5	1.4	+8.7%
Debt	270	233	301	+15.4%
Operating lease liabilities	20.0	22.2	24.4	-10.1%
Finance lease liabilities	0.7	0.7	1.2	+4.5%
Other liabilities	276	174	186	+58.6%
Total liabilities and equity	1,132	928	939	+22.1%
Fixed assets	n/a	84.6	86.0
Goodwill	397	352	336	+12.8%
Intangible assets	199	161	174	+23.8%
Loans	1.4	1.2	0.9	+12.9%
Cash and equivalents	91.2	65.7	66.8	+38.8%
Receivables	117	91.5	95.7	+28.0%
Inventory	134	107	103	+25.8%
Other assets	192	64.9	77.3	+195.4%
Total assets	1,132	928	939	+22.1%

10-K for the year ended 1 January 2022, filed 1 March 2022: the filing.