Business & Tech
Westford Based Kadant Reports Second Quarter Gains
The paper pulp processing company based on Technology Park Drive announced $82.5 in earnings for the second quarter, due in large part to the acquisition of a European company.

Technology Park Drive based Kadant Inc. (KAI), last week as the company reported $82.5 million in revenue for the second quarter of 2011, a 19 percent increase over their 2010 second quarter figures.
Founded in 2001, the company specializes in processes relating to the conversion of tree pulp into paper, with its abilities enhanced during the second quarter after acquiring European-based paper machine fabric supplier M-Clean Papertech for $16 million.
"Bookings of $87.3 million in the second quarter of 2011 were up 18 percent from the second quarter of 2010 driven by strong fluid-handling bookings in Europe,” said Jonathan W. Painter, president and chief executive officer of Kadant. “We ended the quarter with a record backlog of $120 million, up 66 percent over last year's second quarter and 10 percent higher than the first quarter of 2011.”
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On the second quarter earnings Painter announced that the company expects third quarter diluted earnings per share of 40 to 42 cents on revenues of $80 to $82 million, with full year expected earnings per share of $2.15 to 2.25 on revenues of $325 to $335 million after the fourth quarter.
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