Kadant Inc. (NYSE: KAI) reported its financial results for the
first quarter ended April 1, 2023.
First Quarter Financial
Highlights
- Bookings increased 3% to a record $275 million
- Operating cash flow increased 55% to $37 million
- Revenue increased 1% to $230 million
- Net income decreased 32% to $28 million
- GAAP EPS decreased 32% to $2.40
- Adjusted EPS increased 5% to a record $2.40
- Adjusted EBITDA increased 6% to $49 million and represented
21.1% of revenue
- Backlog was a record $393 million
Note: Percent changes above are based on comparison to the prior
year period. All references to EPS are to our EPS as calculated on
a diluted basis. Adjusted EPS, adjusted EBITDA, adjusted EBITDA
margin, and changes in organic revenue are non-GAAP financial
measures that exclude certain items as detailed later in this press
release under the heading “Use of Non-GAAP Financial Measures.”
Management Commentary“We had an outstanding
start to 2023 with record bookings, record adjusted EPS, and
excellent cash flow,” said Jeffrey L. Powell, president and chief
executive officer of Kadant Inc. “Strong demand for our aftermarket
products led to record parts revenue despite the dampening effect
of foreign currency translation and contributed to improved margin
performance in the first quarter. I want to note that net income of
$41 million in the first quarter of 2022 included a $15 million
after-tax gain on the sale of a building related to the relocation
of one of our Chinese facilities.
“Our operations teams executed extremely well throughout the
first quarter with solid margin expansion across most operating
segments while delivering exceptional value to our customers who
rely on our technologies and engineered solutions to drive
Sustainable Industrial Processing.”
First Quarter 2023 compared to 2022Revenue
increased one percent to $229.8 million compared to $226.5 million
in 2022. Organic revenue increased five percent, which excludes a
four percent decrease from the unfavorable effect of foreign
currency translation. Gross profit margin increased to 44.4 percent
compared to 43.4 percent in 2022.
GAAP EPS was $2.40 in 2023, decreasing 32 percent compared to
$3.53 in 2022, which included a $1.30 gain on the sale of a
building. Adjusted EPS increased five percent to a record $2.40
compared to $2.28 in 2022. Adjusted EPS in 2022 excludes a $1.30
gain on the sale of a building, $0.04 of acquisition-related costs,
and $0.01 of impairment costs. Net income was $28.1 million in
2023, decreasing 32 percent compared to $41.2 million in 2022,
which included an after-tax gain of $15.1 million on the sale of a
building. Adjusted EBITDA increased six percent to $48.6 million
and represented 21.1 percent of revenue compared to $45.8 million
and 20.2 percent of revenue in the prior year. Operating cash flow
increased 55 percent to $36.9 million compared to $23.8 million in
2022 due in part to a significant increase in customer
deposits.
Bookings increased three percent to a record $274.5 million
compared to $266.1 million in 2022. Organic bookings increased
seven percent, which excludes a four percent decrease from the
unfavorable effect of foreign currency translation.
Summary and Outlook“The robust start to the
year and our record backlog positions us well for strong
performance in 2023,” Mr. Powell continued. “As a result, we are
raising our guidance for the full year. We now expect revenue of
$910 to $935 million in 2023, revised from our previous guidance of
$900 to $925 million, and GAAP EPS of $8.82 to $9.07, revised from
our previous guidance of $8.72 to $8.97. The 2023 guidance includes
pre-tax relocation costs of $1.2 million, or $0.08 per diluted
share, related to the relocation of one of our Chinese facilities.
Excluding this expense, we now expect adjusted EPS of $8.90 to
$9.15 in 2023, revised from our previous guidance of $8.80 to
$9.05. For the second quarter of 2023, we expect revenue of $230 to
$235 million, GAAP EPS of $2.01 to $2.11 and, excluding $0.04 per
diluted share of relocation costs, adjusted EPS of $2.05 to
$2.15.”
Conference Call Kadant will hold a webcast with
a slide presentation for investors on Wednesday, May 3, 2023, at
11:00 a.m. eastern time to discuss its first quarter performance,
as well as future expectations. To listen to the call live and view
the webcast, go to the “Investors” section of the Company’s website
at www.kadant.com. Participants interested in joining the call’s
live question and answer session are required to register by
clicking here or selecting the Q&A link on our website to
receive a dial-in number and unique PIN. It is recommended that you
join the call 10 minutes prior to the start of the event. A replay
of the webcast presentation will be available on our website
through June 2, 2023.
Prior to the call, our earnings release and the slides used in
the webcast presentation will be filed with the Securities and
Exchange Commission and will be available at www.sec.gov. After the
webcast, Kadant will post its updated general investor presentation
incorporating the first quarter results on its website at
www.kadant.com under the “Investors” section.
Use of Non-GAAP Financial MeasuresIn addition
to the financial measures prepared in accordance with generally
accepted accounting principles (GAAP), we use certain non-GAAP
financial measures, including increases or decreases in revenue
excluding the effect of acquisitions and foreign currency
translation (organic revenue), adjusted operating income, adjusted
net income, adjusted EPS, earnings before interest, taxes,
depreciation, and amortization (EBITDA), adjusted EBITDA, adjusted
EBITDA margin, and free cash flow.
We use organic revenue to understand our trends and to forecast
and evaluate our financial performance and compare revenue to prior
periods. Organic revenue excludes revenue from acquisitions for the
four quarterly reporting periods following the date of the
acquisition and the effect of foreign currency translation. Revenue
in the first quarter of 2023 included a $7.4 million unfavorable
foreign currency translation effect. Our other non-GAAP financial
measures exclude impairment costs, acquisition costs, amortization
expense related to acquired profit in inventory and backlog, and
certain gains or losses, as indicated. Collectively, these items
are excluded as they are not indicative of our core operating
results and are not comparable to other periods, which have
differing levels of incremental costs, expenditures or income, or
none at all. Additionally, we use free cash flow in order to
provide insight on our ability to generate cash for acquisitions
and debt repayments, as well as for other investing and financing
activities.
We believe these non-GAAP financial measures, when taken
together with the corresponding GAAP financial measures, provide
meaningful supplemental information regarding our performance by
excluding certain items that may not be indicative of our core
business, operating results, or future outlook. We believe that the
inclusion of such measures helps investors gain an understanding of
our underlying operating performance and future prospects,
consistent with how management measures and forecasts our
performance, especially when comparing such results to previous
periods or forecasts and to the performance of our competitors.
Such measures are also used by us in our financial and operating
decision-making and for compensation purposes. We also believe this
information is responsive to investors' requests and gives them an
additional measure of our performance.
The non-GAAP financial measures included in this press release
are not meant to be considered superior to or a substitute for the
results of operations prepared in accordance with GAAP. In
addition, the non-GAAP financial measures included in this press
release have limitations associated with their use as compared to
the most directly comparable GAAP measures, in that they may be
different from, and therefore not comparable to, similar measures
used by other companies.
First Quarter
Adjusted operating income, adjusted EBITDA, and adjusted EBITDA
margin exclude:
- Pre-tax gain on the sale of a facility of $20.2 million in
2022.
- Pre-tax acquisition costs of $0.1 million in 2022.
- Pre-tax indemnification asset reversal of $0.6 million in
2022.
- Pre-tax impairment costs of $0.2 million in 2022.
- Pre-tax expense related to amortization of acquired profit in
inventory and backlog of $0.5 million in 2022.
Adjusted net income and adjusted EPS exclude:
- After-tax gain on the sale of a facility of $15.1 million
($20.2 million net of tax of $5.1 million) in 2022.
- After-tax acquisition costs of $0.1 million in 2022.
- After-tax impairment costs of $0.1 million ($0.2 million net of
tax of $0.1 million) in 2022.
- After-tax expense related to amortization of acquired profit in
inventory and backlog of $0.4 ($0.5 million net of tax of $0.1
million) in 2022.
Free cash flow is calculated as operating cash flow less:
- Capital expenditures of $4.5 million in 2023 and $2.9 million
in 2022.
Reconciliations of the non-GAAP financial measures to the most
directly comparable GAAP financial measures are set forth in this
press release.
Financial
Highlights (unaudited) |
|
|
|
(In thousands,
except per share amounts and percentages) |
|
|
|
|
|
Three Months Ended |
Consolidated Statement of Income |
April 1,2023 |
|
April 2,2022 |
Revenue |
$ |
229,758 |
|
|
$ |
226,480 |
|
Costs and
Operating Expenses: |
|
|
|
Cost of revenue |
|
127,712 |
|
|
|
128,269 |
|
Selling, general, and administrative expenses |
|
58,562 |
|
|
|
59,168 |
|
Research and development expenses |
|
3,370 |
|
|
|
3,078 |
|
Gain on sale and other costs, net (b) |
|
— |
|
|
|
(20,008 |
) |
|
|
189,644 |
|
|
|
170,507 |
|
Operating
Income |
|
40,114 |
|
|
|
55,973 |
|
Interest
Income |
|
299 |
|
|
|
102 |
|
Interest
Expense |
|
(2,370 |
) |
|
|
(1,234 |
) |
Other Expense,
Net |
|
(21 |
) |
|
|
(22 |
) |
Income Before
Provision for Income Taxes |
|
38,022 |
|
|
|
54,819 |
|
Provision for
Income Taxes |
|
9,763 |
|
|
|
13,378 |
|
Net Income |
|
28,259 |
|
|
|
41,441 |
|
Net Income
Attributable to Noncontrolling Interest |
|
(184 |
) |
|
|
(249 |
) |
Net Income
Attributable to Kadant |
$ |
28,075 |
|
|
$ |
41,192 |
|
|
|
|
|
Earnings per Share
Attributable to Kadant: |
|
|
|
Basic |
$ |
2.40 |
|
|
$ |
3.54 |
|
Diluted |
$ |
2.40 |
|
|
$ |
3.53 |
|
|
|
|
|
Weighted Average
Shares: |
|
|
|
Basic |
|
11,681 |
|
|
|
11,630 |
|
Diluted |
|
11,694 |
|
|
|
11,655 |
|
|
|
|
|
|
Three Months Ended |
|
Three Months Ended |
Adjusted Net Income and Adjusted Diluted EPS
(a) |
April 1,2023 |
|
April 1,2023 |
|
April 2,2022 |
|
April 2,2022 |
Net Income and Diluted EPS Attributable to Kadant, as Reported |
$ |
28,075 |
|
|
$ |
2.40 |
|
|
$ |
41,192 |
|
|
$ |
3.53 |
|
Adjustments for the Following,
Net of Tax: |
|
|
|
|
|
|
|
|
|
|
|
Gain on Sale (b) |
— |
|
|
— |
|
|
(15,143 |
) |
|
(1.30 |
) |
Acquisition Costs |
— |
|
|
— |
|
|
59 |
|
|
0.01 |
|
Impairment Costs |
— |
|
|
— |
|
|
135 |
|
|
0.01 |
|
Acquired Profit in Inventory and Backlog Amortization (c,d) |
— |
|
|
— |
|
|
387 |
|
|
0.03 |
|
Adjusted Net Income and
Adjusted Diluted EPS (a) |
$ |
28,075 |
|
|
$ |
2.40 |
|
|
$ |
26,630 |
|
|
$ |
2.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Increase (Decrease) |
|
Increase (Decrease)Excluding FX (a,e) |
Revenue by Segment |
April 1,2023 |
|
April 2,2022 |
|
|
Flow Control |
$ |
89,521 |
|
|
$ |
85,826 |
|
|
$ |
3,695 |
|
|
$ |
6,250 |
|
Industrial Processing |
83,542 |
|
|
93,085 |
|
|
(9,543 |
) |
|
(5,720 |
) |
Material Handling |
56,695 |
|
|
47,569 |
|
|
9,126 |
|
|
10,140 |
|
|
$ |
229,758 |
|
|
$ |
226,480 |
|
|
$ |
3,278 |
|
|
$ |
10,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Parts and
Consumables Revenue |
66 |
% |
|
65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Increase (Decrease) |
|
Increase (Decrease) Excluding FX (e) |
Bookings by Segment |
April 1,2023 |
|
April 2,2022 |
|
|
Flow Control |
$ |
104,556 |
|
|
$ |
100,111 |
|
|
$ |
4,445 |
|
|
$ |
7,556 |
|
Industrial Processing |
96,274 |
|
|
106,344 |
|
|
(10,070 |
) |
|
(5,182 |
) |
Material Handling |
73,689 |
|
|
59,640 |
|
|
14,049 |
|
|
15,263 |
|
|
$ |
274,519 |
|
|
$ |
266,095 |
|
|
$ |
8,424 |
|
|
$ |
17,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Parts and
Consumables Bookings |
60 |
% |
|
60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Business Segment Information |
April 1,2023 |
|
April 2,2022 |
Gross Profit
Margin: |
|
|
|
Flow Control |
|
53.3 |
% |
|
|
52.4 |
% |
Industrial Processing |
|
40.6 |
% |
|
|
38.6 |
% |
Material Handling |
|
36.1 |
% |
|
|
36.4 |
% |
Consolidated |
|
44.4 |
% |
|
|
43.4 |
% |
|
|
|
|
Operating
Income: |
|
|
|
Flow Control |
$ |
24,189 |
|
|
$ |
21,725 |
|
Industrial Processing (b) |
|
15,967 |
|
|
|
38,159 |
|
Material Handling |
|
9,287 |
|
|
|
5,844 |
|
Corporate |
|
(9,329 |
) |
|
|
(9,755 |
) |
|
$ |
40,114 |
|
|
$ |
55,973 |
|
|
|
|
|
Adjusted Operating
Income (a,f): |
|
|
|
Flow Control |
$ |
24,189 |
|
|
$ |
21,569 |
|
Industrial Processing |
|
15,967 |
|
|
|
18,726 |
|
Material Handling |
|
9,287 |
|
|
|
6,561 |
|
Corporate |
|
(9,329 |
) |
|
|
(9,755 |
) |
|
$ |
40,114 |
|
|
$ |
37,101 |
|
|
|
|
|
Capital
Expenditures: |
|
|
|
Flow Control |
$ |
1,404 |
|
|
$ |
525 |
|
Industrial Processing |
|
2,579 |
|
|
|
1,952 |
|
Material Handling |
|
462 |
|
|
|
384 |
|
Corporate |
|
24 |
|
|
|
7 |
|
|
$ |
4,469 |
|
|
$ |
2,868 |
|
|
|
|
|
|
Three Months Ended |
Cash Flow and Other Data |
April 1,2023 |
|
April 2,2022 |
Operating Cash
Flow |
$ |
36,866 |
|
|
$ |
23,768 |
|
Less: Capital
Expenditures |
|
(4,469 |
) |
|
|
(2,868 |
) |
Free Cash Flow
(a) |
$ |
32,397 |
|
|
$ |
20,900 |
|
|
|
|
|
Depreciation and
Amortization Expense |
$ |
8,446 |
|
|
$ |
9,445 |
|
|
|
|
|
Balance Sheet Data |
April 1,2023 |
|
December 31,2022 |
Assets |
|
|
|
Cash, Cash Equivalents, and Restricted Cash |
$ |
85,507 |
|
|
$ |
79,725 |
|
Accounts
Receivable, net |
|
131,268 |
|
|
|
130,297 |
|
Inventories |
|
179,199 |
|
|
|
163,672 |
|
Contract
Assets |
|
12,389 |
|
|
|
14,898 |
|
Property, Plant,
and Equipment, net |
|
120,274 |
|
|
|
118,855 |
|
Intangible
Assets |
|
171,396 |
|
|
|
175,645 |
|
Goodwill |
|
387,890 |
|
|
|
385,455 |
|
Other Assets |
|
81,221 |
|
|
|
81,334 |
|
|
$ |
1,169,144 |
|
|
$ |
1,149,881 |
|
Liabilities and Stockholders' Equity |
|
|
|
Accounts
Payable |
$ |
57,939 |
|
|
$ |
58,060 |
|
Debt
Obligations |
|
180,147 |
|
|
|
199,219 |
|
Other
Borrowings |
|
1,760 |
|
|
|
1,942 |
|
Other
Liabilities |
|
244,993 |
|
|
|
235,089 |
|
Total Liabilities |
|
484,839 |
|
|
|
494,310 |
|
Stockholders' Equity |
|
684,305 |
|
|
|
655,571 |
|
|
$ |
1,169,144 |
|
|
$ |
1,149,881 |
|
|
|
|
|
|
Three Months Ended |
Adjusted Operating Income and Adjusted EBITDA
Reconciliation (a) |
April 1,2023 |
|
April 2,2022 |
Consolidated |
|
|
|
|
Net Income Attributable to Kadant |
$ |
28,075 |
|
|
$ |
41,192 |
|
|
Net Income Attributable to Noncontrolling Interest |
|
184 |
|
|
|
249 |
|
|
Provision for Income Taxes |
|
9,763 |
|
|
|
13,378 |
|
|
Interest Expense, Net |
|
2,071 |
|
|
|
1,132 |
|
|
Other Expense, Net |
|
21 |
|
|
|
22 |
|
|
Operating Income |
|
40,114 |
|
|
|
55,973 |
|
|
Gain on Sale (b) |
|
— |
|
|
|
(20,190 |
) |
|
Acquisition Costs |
|
— |
|
|
|
76 |
|
|
Indemnification Asset Reversal (g) |
|
— |
|
|
|
575 |
|
|
Impairment Costs |
|
— |
|
|
|
182 |
|
|
Acquired Backlog Amortization (c) |
|
— |
|
|
|
703 |
|
|
Acquired Profit in Inventory Amortization (d) |
|
— |
|
|
|
(218 |
) |
|
Adjusted Operating Income (a) |
|
40,114 |
|
|
|
37,101 |
|
|
Depreciation and Amortization |
|
8,446 |
|
|
|
8,742 |
|
|
Adjusted EBITDA (a) |
$ |
48,560 |
|
|
$ |
45,843 |
|
|
Adjusted EBITDA Margin (a,h) |
|
21.1 |
% |
|
|
20.2 |
% |
|
|
|
|
|
Flow Control |
|
|
|
|
Operating Income |
$ |
24,189 |
|
|
$ |
21,725 |
|
|
Acquisition Costs |
|
— |
|
|
|
62 |
|
|
Acquired Profit in Inventory Amortization (d) |
|
— |
|
|
|
(218 |
) |
|
Adjusted Operating Income (a) |
|
24,189 |
|
|
|
21,569 |
|
|
Depreciation and Amortization |
|
2,279 |
|
|
|
2,347 |
|
|
Adjusted EBITDA (a) |
$ |
26,468 |
|
|
$ |
23,916 |
|
|
Adjusted EBITDA Margin (a,h) |
|
29.6 |
% |
|
|
27.9 |
% |
|
|
|
|
|
Industrial
Processing |
|
|
|
|
Operating Income |
$ |
15,967 |
|
|
$ |
38,159 |
|
|
Gain on Sale (b) |
|
— |
|
|
|
(20,190 |
) |
|
Indemnification Asset Reversal (g) |
|
— |
|
|
|
575 |
|
|
Impairment Costs |
|
— |
|
|
|
182 |
|
|
Adjusted Operating Income (a) |
|
15,967 |
|
|
|
18,726 |
|
|
Depreciation and Amortization |
|
2,972 |
|
|
|
3,274 |
|
|
Adjusted EBITDA (a) |
$ |
18,939 |
|
|
$ |
22,000 |
|
|
Adjusted EBITDA Margin (a,h) |
|
22.7 |
% |
|
|
23.6 |
% |
|
|
|
|
|
Material
Handling |
|
|
|
|
Operating Income |
$ |
9,287 |
|
|
$ |
5,844 |
|
|
Acquisition Costs |
|
— |
|
|
|
14 |
|
|
Acquired Backlog Amortization (c) |
|
— |
|
|
|
703 |
|
|
Adjusted Operating Income (a) |
|
9,287 |
|
|
|
6,561 |
|
|
Depreciation and Amortization |
|
3,176 |
|
|
|
3,096 |
|
|
Adjusted EBITDA (a) |
$ |
12,463 |
|
|
$ |
9,657 |
|
|
Adjusted EBITDA Margin (a,h) |
|
22.0 |
% |
|
|
20.3 |
% |
|
|
|
|
|
Corporate |
|
|
|
|
Operating Loss |
$ |
(9,329 |
) |
|
$ |
(9,755 |
) |
|
Depreciation and Amortization |
|
19 |
|
|
|
25 |
|
|
EBITDA (a) |
$ |
(9,310 |
) |
|
$ |
(9,730 |
) |
|
|
|
|
|
(a) |
Represents a non-GAAP financial measure. |
|
|
|
|
|
(b) |
Includes a $20.2 million pre-tax gain on the sale of a
manufacturing facility in China in the three months ended April 2,
2022 in our Industrial Processing segment pursuant to a relocation
plan. |
|
|
|
|
|
(c) |
Represents intangible amortization expense associated with acquired
backlog. |
|
|
|
|
|
(d) |
Represents income within cost of revenue associated with
amortization of acquired profit in inventory. |
|
|
|
|
|
(e) |
Represents the increase (decrease) resulting from the conversion of
current period amounts reported in local currencies into U.S.
dollars at the exchange rate of the prior period compared to the
U.S. dollar amount reported in the prior period. |
|
|
|
|
|
(f) |
See reconciliation to the most directly comparable GAAP financial
measure under "Adjusted Operating Income and Adjusted EBITDA
Reconciliation." |
|
|
(g) |
Represents an indemnification asset reversal related to the release
of tax reserves associated with uncertain tax positions. |
|
|
|
|
|
(h) |
Calculated as adjusted EBITDA divided by revenue in each
period. |
|
|
About Kadant Kadant Inc. is a global supplier
of technologies and engineered systems that drive Sustainable
Industrial Processing. The Company’s products and services play an
integral role in enhancing efficiency, optimizing energy
utilization, and maximizing productivity in process industries.
Kadant is based in Westford, Massachusetts, with approximately
3,100 employees in 20 countries worldwide. For more information,
visit www.kadant.com.
Safe Harbor StatementThe following constitutes
a “Safe Harbor” statement under the Private Securities Litigation
Reform Act of 1995: This press release contains forward-looking
statements that involve a number of risks and uncertainties,
including forward-looking statements about our future financial and
operating performance, demand for our products, and economic and
industry outlook. These forward-looking statements represent our
expectations as of the date of this press release. We undertake no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or
otherwise. These forward-looking statements are subject to known
and unknown risks and uncertainties that may cause our actual
results to differ materially from these forward-looking statements
as a result of various important factors, including those set forth
under the heading "Risk Factors" in Kadant’s annual report on Form
10-K for the fiscal year ended December 31, 2022 and subsequent
filings with the Securities and Exchange Commission. These include
risks and uncertainties relating to adverse changes in global and
local economic conditions; the variability and difficulty in
accurately predicting revenues from large capital equipment and
systems projects; health epidemics and pandemics; our acquisition
strategy; levels of residential construction activity; reductions
by our wood processing customers of their capital spending or
production of oriented strand board; changes to the global timber
supply; development and use of digital media; cyclical economic
conditions affecting the global mining industry; demand for coal,
including economic and environmental risks associated with coal;
failure of our information systems or breaches of data security and
cybertheft; implementation of our internal growth strategy; supply
chain constraints, inflationary pressure, price increases and
shortages in raw materials; competition; changes in our tax
provision or exposure to additional tax liabilities; our ability to
successfully manage our manufacturing operations; disruption in
production; future restructurings; loss of key personnel and
effective succession planning; protection of intellectual property;
climate change; adequacy of our insurance coverage; global
operations; policies of the Chinese government; the variability and
uncertainties in sales of capital equipment in China; currency
fluctuations; changes to government regulations and policies around
the world; compliance with government regulations and policies and
compliance with laws; environmental laws and regulations;
environmental, health and safety laws and regulations impacting the
mining industry; our debt obligations; restrictions in our credit
agreement and note purchase agreement; soundness of financial
institutions; fluctuations in our share price; and anti-takeover
provisions.
ContactsInvestor Contact Information:Michael
McKenney, 978-776-2000IR@kadant.com orMedia Contact
Information:Wes Martz, 269-278-1715media@kadant.com
Grafico Azioni Kadant (NYSE:KAI)
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