WESTFORD, Mass. (AP) — Kadant Inc. (KAI) on Wednesday reported fourth-quarter net income of $8.7 million.

On a per-share basis, the Westford, Massachusetts-based company said it had profit of 76 cents. Earnings, adjusted for one-time gains and costs, came to $1.32 per share.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.28 per share.

The equipment supplier for the papermaking and paper recycling industries posted revenue of $182.7 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $173.7 million.

For the year, the company reported profit of $52.1 million, or $4.54 per share. Revenue was reported as $704.6 million.

For the current quarter ending in April, Kadant said it expects revenue in the range of $153 million to $163 million.

The company expects full-year earnings in the range of $5 to $5.10 per share, with revenue ranging from $690 million to $700 million.

Kadant shares have climbed almost 7% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $112.25, an increase of 29% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on KAI at https://www.zacks.com/ap/KAI

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