KAI - Earnings call transcript Q1 2019

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Operator

Good day, ladies and gentlemen, and welcome to the Q1 2019 Kadant Inc. Earnings Conference Call. [Operator Instructions] As a reminder, this conference call may be recorded for replay purposes. It is now my pleasure to hand the conference over to Michael McKenney, Chief Financial Officer. Sir, you may begin.

Michael McKenney

Brian. you, Thank and call. everyone, Kadant's quarter first Good welcome earnings XXXX morning, to With Jon today Executive call me the on is Officer. Painter, Chief our

are Various These may in statements for forward-looking and and the that Reform expectations, to Commission. Before safe unknown the presentation cause our Securities and provisions annual our operating subject fiscal actual beginning important make me results under let prospects financial forward-looking of the at of to about remarks are Form Act risks the the and and statement. December harbor forward-looking Exchange today ended year plans slide we Factors differ Litigation may our those and purposes materially report and on that discussed of Private statements uncertainties future XX, from read a factors, Kadant's these statements XXXX, Securities of results outlined under XXXX. we as including for the begin, XX-K with subsequent known those various Risk result harbor and our filings safe heading

addition, forward-looking In during and estimates we this only any as make today. our represent of webcast statements views

update future, at our obligation forward-looking elect point in estimates some change. the or views While may do so we we to any disclaim if specifically statements to even

give our Investor at the future an call, that, update Kadant's call and prospects. conference will News. Investors of turn earnings prepared presented During GAAP our first financial this non-GAAP to who comparable not generally and contained www.kadant.com in on These press under accordance on in in webcast, most A the section the release slides are we and the discussed will heading measures will with reconciliation which refer Painter, accounting to is are measures. some non-GAAP Jon webcast available over the you quarter I measures non-GAAP business financial With the in measures website directly accepted to principles. of the

a Jon? Following Jon's the of session. Q&A and our remarks, you then we results an overview financial I'll give for have quarter, will

Jon Painter

Thanks, review bookings. good results Mike with well operating outlook to a our for as to Overall, you performance a had us the and joining quarter on revenue update first business year, solid morning you per to thank excellent we and start all for leading share as and this earnings to record XXXX. our beat

me highlights. financial from the We X% record Let of start QX last quarter performance XXX million, record first had bookings year. up with the

and was to net impacted decreased last is purchase $X.XX a share had per Adjusted lower-margin and share finally, X.XX. with record million leverage our quarter we We XX increased which margin earnings our earnings accounting XX% per due per of of the period flow revenue. XX.X% up to to diluted Gross And GAAP We the up same weaker revenue, generated million by also inclusion our negatively ratio and to $X.XX. XX% $X.XX. QX, of was finished a XXX Cash XX% which up earnings historically recent adjusted FX to XX% debt million. the to XXX was XX.X% of EBITDA share, compared million. XX year quarter, acquisition. to or from in revenues of

of slide our QX at take you had impact. while positive had on If a results, FX look can Syntron meaningful impact a acquisition negative X, you a see the

first up growth, XXXX. to quarter revenue was the which and excludes internal record decreased bookings revenue X%, FX a internal X% acquisitions, of while and Our growth compared healthy

said, of the first in of pleased year. bookings extraordinary you expected this we had level As recall, the may That I'm we of quarter. in comparisons first XXXX, the bookings level first of with so an very half half the difficult

and X.X% QX in growth revenue up up bookings Our internal Parts and Consumables also X.X%. was with excellent,

of a on a QX million. should revenue performance cleaning record strong line our acquisition. the our previous increased bookings million, and to QX in acquisition revenue quarters in XXX that stock our contributions to we record backlog compared the to to America to America. uptick largely a also million, the XXX doctor note line with bookings ended three but quarter recent in XXX to North product in Europe filtration from a Slide Moving I our shows X and XX% North also for record our generally. performance positive of and and product due thanks contributions prep

the in Another Parts high a that and categorize Consumables increases business, Consumables At saw XXX up want revenue. Consumables point of total after record increased determined business, which significant Parts quarter and bookings replacements to million, to revenue. upgrade QX Parts and bookings our both Syntron's business of and its portion total was the a to best in our XX% XX% XX% its largely in contributions from Parts revenue make million and Consumables. to aftermarket Consumables continues a up and of revenue XX% had also note total making revenue. QX. XX% was I as first Syntron of Parts and Revenue outstanding, revenue, from our classification, analyzing and of this we thanks to our up it's to Using represents record quarter acquisition. Consumables and XXX Parts recent significant

I'll the market from experiencing quarter, is they're prior of shortage in too the in of quarter in environment regions review underlying of led rates the will being is North XX% and year in China are uncertainty big still the we XXXX in demand with liner economy packaging major tailwind, that up to what question to market America China. A strength down buyers start This but XX% importing containerboard enough a new overall North the in the role offset the where The in North performance American in in operate, in The first and first play inventory. weaker demand Next, there cautious America. building an US quarter. our American additions. let operating North capacity started me packaging at geographic is much fiber

and activity Material still weaker Systems picture The year the by which projects reasonable but capital aggregates brighter level We're level. of compared somewhat in than many good high our On of segment. also the down This around XXXX. activity market, however, rates housing a and Handling front, combination more That first we said, housing are market The last processing seeing to X.X QX for at industrial space, healthy. sand, new North suggests vibratory were products the strong seeing their a for still a making have million the rate does as segment that stone, to such to year project quarter at last activity our mining conveying reduced up the as our we America. strong producers crushed in come interest increase wood products. homes gravel be affordable. outlook as our for in is conveying healthy the in be starts saw annualized of aggregate We're US on served facilities. and our is appear activity are project based will compared starts, in feeding primarily housing seeing down to rush customers March's new firming fairly capacity and modernize mining capital XX% levels

XXXX. million, can XX% up record first you X, revenue of on compared As increased quarter to slide see to XXX the a

Filtration in revenue our which the America recent revenue a in growth up bookings contributor were for North XX% to acquisition million. excludes increase bookings was acquisitions, reason our a declines X%, was our the recent line, Bookings processing was very Cleaning, FX our lines. offset While increase, internal and the largest An strongest said, our for -- and us. stock That acquisition. healthy XXX increase the in America world record in product in North Doctoring, major the and our revenue, making prep wood to product partially region in

FX of X% our were XXXX. and acquisitions, strong an Excluding America from the down bookings of North in QX extremely impact

bookings plan. America, had leaving Overall, acquisition Before to business business in North in came on global attended and quarter of our of $X.XX share accretive first and in earnings synergies the how was away million, meeting executed pursue. as according with to several its XX performed well our to first The report of quarter. want per quite team management part to material XX revenue management March our did million Kadant. and adjusted the I The handling

contribute US to partner, sectors years. and in in solid continues we The On same export economic last for XX, to been ongoing fairly they've compounded through economic in slowing trade trading lackluster disputes uncertainty show to revenue year our Brexit as is expect China the and Weak are between the ongoing Europe by bookings its XXXX. and few China, conditions a seems ahead, down be important by region its the industrial manufacturing own slide the Market Looking we activity headwinds. working in Europe. environment. as a about most dragged performance

First quarter processing result revenue and stock year-over-year in product prep X% wood lines. as our of FX despite was solid down a growth

down Excluding Bookings down the X% was but and were acquisitions. of impact X%, and revenue Europe excluding FX up in only acquisition, when X%. FX

the wood particular, to stable, value used the wood for our our of of capital million. is lines Europe processing XX% combined QX market approximately except product equipment we largely expect to political a remain in the mills compared All where were relatively high booked and for level soft XXXX. down processing, rotary uncertainty five of of Europe in weak conditions orders X.X Eastern In machines QX due Overall, somewhat to in in with market bookings increased debarking we and demand.

impact of XXXX. XX% QX revenue QX economy China. XX% X% Asia. Turning to slowing We QX proposed in sequentially. compared and to see decreased now increased wastepaper was but Bookings the ban XXXX, to of the down the of compared

expect containerboard reduce fiber producers China. capacity Chinese the by XXXX on in to fiber The the now the and quarter for to add government's build-out reduced conditions, Containerboard recently OCC we plans capital emerged the projects producers are containerboard in our value is of did number X China million new due wastepaper line, response product our have industry investment three about processing prior decision where in X customers hand, from with approximately imports the in mentioned extended other facing years. China of booked ban to we orders of talked calls, this paper project to we slowing resulting in producers As combined few Despite booked system demand. last than there Asia our on market challenging dramatically Southeast next with are a in both producers as capacity in as China, shortages recently larger the inside the China in hotspot wastepaper of China, fiber parts two taking in of And demand over capital has we particularly a for from the of Malaysia year. is outside Consequently, million a lack China. prep call. nearly tons stock of by and downtime activity more within continuing. Chinese producers announcing China's into

In be paper the expected industry. addition, projects there continues the capital for secured to which pipeline, should into if softer help bookings to sold offset in OSB

on The America, in Finally, a the few but comments restrained Brazil, still stable. the of market particularly conditions results. South are rest world

and we full America, our QX in up XX% the same guidance year GAAP remainder up we're adjusted outlook full XXXX. QX, earnings my revenue world in of in were to for for were encouraged comments share down and XX% and basis. guidance start sequential the XXXX, revenue rest some diluted Our the QX of was and housing year year strong earnings the compared with our of QX however, to China compared remarks to per and a on diluted sequentially. our in want demand are North million XX% period for share Based our solid by few a raising on results conclude and our relatively I a last to the Bookings XX% our of year, Despite weaker XXXX. per guidance. reaffirming the on volatility XX

we $X.XX per of XXX diluted million. on million of $X.XX now earnings share to revenue expect XXX XXXX, GAAP to achieve For to

between be remarks. his give and details We guidance expect in $X.XX. you Mike to will on our $X.XX adjusted earnings our per share more

million second earnings additional we details to share per financial I'll performance. per of XXX XXXX, and our the for $X.XX XXX Mike For of the over share GAAP pass quarter call expect to million $X.XX $X.XX. Mike? adjusted on of to to diluted achieve of $X.XX diluted revenues to on earnings

Michael McKenney

in inventory affected gross negatively basis in points. amortization of acquired gross in XXXX, Consolidated with consolidated which Jon. were of you, to of our margin XX.X% down XXXX the the first start Thank quarter consolidated by quarter basis acquisition, related in of XXXX. gross lowered I'll by margins our performance. gross margins the compared first profit points first XXX the The XXX to margins quarter were recent XX.X%

Excluding profit quarter margin down margins in to points of the to impact lower gross profile quarter XXXX the due gross of of of first acquisition. consolidated were XX.X%, year's recent of the in our inclusion the amortization inventory, last basis the first compared primarily XXX

Parts XX% in total of the Our XXXX. the of Consumable and to revenue quarter of XXXX XX% compared in revenue represented first quarter first

As Syntron's categorized replacements and upgrades Jon aftermarket we've and Parts as noted, Consumables.

Excluding the Syntron and XX% from quarter. in been Parts would have Consumables, revenue the

basis XXXX, the amortization inventory. due ahead, in point Looking in we XX reduction second in margins profit of to approximately gross quarter of the expect a acquired

increase first the million an SG&A effect. as in million the from of a currency and and the and a million acquired The our million to X.X translation of percentage X.X first expense the in turn XX from in to quarter decrease first This quarter of to acquisitions of backlog to SG&A a let's Now, of decreased were costs. favorable XXXX. a expenses slide million XXXX XX.X% of XXXX. expenses foreign acquisition-related first in revenue acquisition XXXX, related X.X of included up our increase amortization from quarterly a XX.X million million SG&A of quarter of expense compared quarter SG&A X.X XX.X% X.X included expenses. X.X

of continued the increases. second expect revenue this We as in metric in our improvement half XXXX

adjusted of in consists the of an XXXX expense interest expense higher inventory partially of of tax of diluted unfavorable to the and diluted $X.XX EPS EPS $X.XX adjusted margin effective due increases percentages operating offset and due difference $X.XX $X.XX. lower of in Let XXXX, acquired quarter the to The acquired XXXX amortization XXXX, me of of diluted $X.XX of quarter our of GAAP and was to $X.XX first and $X.XX, relates with of our $X.XX lower categories profit from items first the was I for year first from increase by first to of backlog strengthening a relates acquisition; of acquisition, the discrete backlog. results in the the restructuring was in adjusted costs, was translation diluted was turn and associated gross to foreign of following, the XXXX just tax difference attributed effect of compared included rate. $X.XX with costs. quarter. next EPS and diluted expense currency US costs; In mentioned Collectively, $X.XX operating to compared to GAAP results $X.XX quarter our due quarter dollar. the were $X.XX last to the EPS $X.XX of associated $X.XX the In all and amortization higher our $X.XX EPS $X.XX quarter of to $X.XX. EPS in first The due first to the These $X.XX quarter net revenue. acquisition The the

EPS adjusted in to call. compare the XXXX quarter Let during also a our earnings to take February results issued we diluted the moment first guidance our me

million presents XX XXXX, our quarterly million product compared performance. $X.XX. Our our revenue better-than-expected $X.XX was first adjusted XXXX Slide guidance adjusted range $X.XX diluted principally X.X primarily in XX.X% 'XX. of quarter EPS Quarterly guidance of XX.X of reported increase up the line. for revenue preparation quarter our EPS first high or was over revenue, to the quarter or of We from of million. the XX.X% result in first end the was EBITDA $X.XX of adjusted EBITDA stock diluted XX the of adjusted to This

on of Cash and first operations quarter slide first from turn XX. flows to let's the to working X.X million in our in compared of capital XXXX. X.X quarter flow XXXX was metrics, starting Now, cash million the

inventory, offset, had As of can chart, cash due you compensation part to cash received capital, million million incentive to half we in which X.X see on XXXX related and lower from first primarily working use to capital was quarter performance XX.X to compared due customer part, million the to in X.X outflows in increased XXXX, cash an the first of in expenditures. by Free the of flow cash to deposits. related

first had for withholding a tax stock million in second XXXX, payment to payment handling million partly been incentive final that XXXX. As the notable to our handling for vesting the add noted the million also the we non-operating of uses quarter a on a made has performance due operating the weak the X.X compensation. of X.X for related quarter and several cash quarter cash of acquisition, in have acquired. we of capital payments acquired stock X.X dividend flows, million common in the past, of X.X quarter cash for material capital historically, for acquisition We We paid net awards: expenditures. related a of first and our of I'd to million working XXX.X material

look and capital sequential now at consistent. key XX. remained payables days a basis, Let's in metrics On inventory have our on receivables, slide our working fairly

quarter XXXX. capital, to our the capital first quarter Looking increase in of XX.X% days' end taking overall quarter days of metric to up inventory months' was uses less only first the the the XXX.X working XX in compared to fourth XXXX, first the in XXXX at quarter XX% net from at end percentage at debt quarter measure, used million, first debt the of revenue, year-over-year material the of quarter our days finance the plus our was is recent in in is contributing as was XXX.X payable, which were XX.X% which of The was a handling acquisition, in end XXXX. XXXX XXX of primarily borrowings that million XXXX. last of three calculated of million cash in revenue our of sequential cash first revenue. of We at accounts of position, debt that Net the due months had of XXXX, a the fourth Working by acquisition. XXX.X and net and the quarter and subtracting to receivables of conversion days

can increase facility, calculated XXXX at you credit our the the from and then X.XX first X.X be anticipate increased the must of XXXX X.XX to As our down we debt acquisition. ratio guidance. We to end quarters and Under our result steps during see than flows the related next of our XX, our progress a cash facility, strategy at end A this less XXXX, few comments the -- on with of the slide credit debt. increased to improve paying in of through as accordance in continue will X.XX leverage three of free than as ratio less X.XX. quarter on to down will we

and As The our the the equity better EPS vesting mention was tax February the XXXX's of quarter equity the of included will benefit the of we than awards. would XXXX the in I of year. quarter XXXX our remaining XXXX case quarter diluted being strongest quarters anticipated of the for in EPS second to performance in also associated of be call, first XXXX that and the $X.XX vesting March. tax revenue half the as rate would our related tax guidance, first GAAP of I in an first like XXXX benefit to anticipated the and awards of the tax lower year, noted with be quarter XXXX, XX.X%, of first the anticipate half was a in with likely to quarter substantially fourth rate for due

of leverage margin quarter debt, continue increase us of our borrowings beginning grid our pricing higher to points the XX in facility X.XX in will our paying increase credit puts ratio While from our basis one and by level we down will strategy XXXX. in X.XX the second

earnings purchase of evaluation comments. second We guidance I'm of in a is our like during completed This GAAP anticipate remainder subject first than as add result, And for in to expect of review and be accounting XXXX. finally, the adjusted will our his adjustments, included the I EPS would that which by pleasure XXXX. our we higher a finalize of final estimates acquisition. comment end working are officially review to we was call. work the that the included sure for that the a and quarter just As it's this the to initial as gave largely Jon, interest increase call. this he been wrap-up would in note, we quarterly on XXXX Jon's February be guidance will you. And last XXXX with change quarter expense earnings of both

be going now still That the will for you're turn the I reading together, [indiscernible] to Q&A we financials, calls. back a my over earnings operator Although and working you're review session. to my know call hook off future the for miss I'll the Operator? our concludes of

Operator

line Howe our Barrington with And Chris Instructions] come of will first [Operator the question from Research.

Chris Howe

Well, will I suppose be throw since questions all call. I last his to these Jon this should

Jon Painter

I'm for surprised save Mike didn't questions. would And do them the say is much he smarter. say, because now I Jeff hard all

Chris Howe

in to rates capital some you're can imports, the off, mention the uncertainty North processing in regard on operating the waste wood of XX%. First America you seeing at And in business? weakness China,

that some China? the American rates linerboard improvement? demand shortage operating packaging inflect to to operating dependent positive, higher upon should as underway and, should increase China, North in see far shortage see weaker getting export gets in is So fiber and these we As starts the fiber the rates, seeing turn, and if

Jon Painter

definitely end end -- causes. and the operating two demand. sort earnings stuff of fruit early I about and were and that -- America -- you're they Yes, part Well, to that's the so in scenario the as the that of of year kind talking the of North softer, aware of harvests impacting of call, flooding little reduced it's which rates this or that's seemed listened quarter, last a the lower economy are a the bit like IT's some the

then some somewhat had softer and demand you coming capacity online. So situation

are we now. of where kind that's So

to North generally question. is, are GDP forward, stuff this your next to if those question this America, American North -- America a of the liner Then X.X% like things will of is online North and heart to the scenario that's see. year, up? that from definitely think that's going out. to maybe that, they're in and adding economy XXXX. well, Southeast kind rosier think has for in in very expected likely we'll back more if, buying is The up time in the with really Asia a full and and then capacity excess capacity little of how much I China play fact, year capacity turns going to ban that some operating But of come if won't rates through there the be next in getting print and bring end I there goes China by China a

America will from they to need So and Europe. North import liner

there who till say Now that, if exports I increased to that they would give some may they may they be China. knows what defer say, they XXXX. them should do a break But

Chris Howe

goes demand China, That's outside equipment helpful. kind And a at state, in that far as is China? as what that awaiting of Is how of steady on capital progressing?

Jon Painter

stable. kind in it's pretty look that their So I of at wood sort expect business Asia, a for course, not I as pretty they of last And general as much but my but in in did proper. our I lot capital the Then said not America, China capacity North that I year. North so America, on all project I increase really in were of they -- has Southeast demand much of really forward activity last decent say is it products remarks and to think to pretty would pulled capital pretty in They bookings don't okay. there in bought year. rocket much comment of stuff ship a sort just -- as do that with that fact desire we if

So a bit. I of see little kind can that pausing

Chris Howe

backlog by from business board? then in And much one in how a I to you existing driven extract their have Any synergies to more mentioned quarter? Syntron. were you Syntron? And the Was brought you question strong were that on to this Okay. new -- customer Syntron. to note able base regard just they Or from able

Jon Painter

to it's brought tied So definitely business board. on their existing they

and get We the have gestation we'll revenue are see any of practices some and synergies, These we quite places, synergies. of best last sourcing take expect timing period. and introduce longest would lot wouldn't these Syntron. a then is manufacturing that And get their say I this typically and some financial stuff pursuing I to then is, synergies you've sort Usually, kind year thing. really a got but from other revenue while. Chris, to there integrated, then synergies, and

Chris Howe

by Okay, and any year. we that end we targets then of as look for year? the now. this of end debt the should see X.XX Where further out, this at We're

Michael McKenney

debt hopefully Well, quarters. course, Chris, we're going our in the down ensuing to be, of we'll be paying actively

don't down below that that. there. we'll hard I'm think to hoping be can something we'll I I this X get year, get think working like don't -- X.X, we we'll to get So but

Operator

Seaport come And line from of next the with question will Global. our Liptak Walter

Walter Liptak

about Wanted to ask a Syntron. couple

know how that during business in the quarter? is numbers grow last the mentioned million talk the you didn't in I about that they Did doing? year. we the in Can XX quarter. You sales have

Jon Painter

they booked So million. XX

we So as you million. introducing of might remember were of sort it, is XX when we said months XX kind there's

XX us the their mean XX So I'm million. the and to million at run incidentally at is million million is rate, actually above. little their but little of the profitability a below I happy bookings frankly, contribution their with XX pretty the XX a

pretty environment terms in activity. say encouraged year. is the Syntron So And I'm of good would that about I -- their for the looks year

Walter Liptak

Okay.

on million track with still XX bookings, And million XX so is think that the in the you year? for

Jon Painter

-- give most didn't should certainly, projection, think could I -- we year. turn revenue a but to the this of pretty XX Yes, million that we gave much don't

Walter Liptak

you purchase much may expect quarter? the in accounting how mentioned quarter? Mike, do the next this Syntron, was And have how much with And Okay. -- you for the

Michael McKenney

quarter, was we're inventory think be inventory. acquisition $X.XX And done the and backlog with acquisition for approximately the for that we're costs. And looking And $X.XX, there the predominantly would So related the next to component. $X.XX I and costs. at

Jon Painter

largely then done. And

Michael McKenney

we're -- pretty we're then then much And done. yes,

Walter Liptak

All to parts that nice where were grew Okay. because And had growth, that doctoring the wanted stock nicely. like Was that prep, doctoring in I right. parts in looked ask about they some too? do Or you count up?

Jon Painter

pretty was broad-based. It

peek I there, me take say Walt. just a -- on here. would hang Let

Walter Liptak

the with And order? wonder on Maybe put with tough for Or is with comp, I business? the the I rest through guess, they question, the with grow -- internal the the and the Yes. changed if and quarter last some that way the of year. think, early -- orders Jon, to effort I year. then doctoring, like of this is parts pretty first try Okay. because in And in a has parts especially something shipped customer’s blanket those year you're

Jon Painter

is would the say spares slightly excluding grow, quite up it is that course. operating generally that me parts the where sort a for couple par of is broad-based. business the I the down it's of pretty a and FX going rate maybe I but to and years, higher, acquisitions, We -- we're low in as managed single-digit -- would with from, is processing has. higher, for typically business, -- the coming it's wood are say capital, holding which to terms nicely. in Even this in also few

you So as would that. for stable it's as expect

Walter Liptak

great. That's

a from one Okay. last me. And maybe

I is any have talked and guys, about update couple on if a XX/XX testing there been of you've how You wonder years ago, that. that.

re-upping are on that on Or is something back the goes that? burner? that you If

Jon Painter

worked and going divisions, as and good doing we're I but ones, had, some it do forward know, of how... with to results, we our would it's other we're with are you say we So they happy and out, with are that and showing move two

Operator

next the of Jacome Dan with [Operator will line Instructions] question come Sidoti. Our from

Dan Jacome

about little at bit revenues. You a bookings million, versus talked encouraging the XX Syntron XX million

-- your be a food the about looking that closed the bill Can been little had maybe when talked I versus you above you the were you see you you about books the So that -- at think some book Has there to bit positive in But about like more thus packaging? the the of little some a Did XXXX transaction? maybe and Syntron may into? you there? infrastructure. you far bit is is talk a X. what what surprised markets anything last year cement markets

Jon Painter

one in ash; of of used actually, plants, power coal, that's for So I it's pretty glass; though Even -- is mining coal's would it and the really stronger been in areas pot is -- exported. and the good. trona, segment, still production say less and the used less being thermal

I say. So that's relatively stable, been would

and next food probably talked The has tied other is about. I going aggregates I also building infrastructure, say, That's been, would and strongest normal. say, I would as -- the both along to the as the area

kind than of that's packaging So more food processing.

Operator

And Thank you. time. showing no I'm questions this at further

over Mr. to So conference Painter, or back Jonathan Executive for now, Chief it the closing comments my is remarks. to turn any Officer, pleasure

Jon Painter

Thanks, Brian.

what everyone let go, the I Before three to I I the want summarize think from takeaways quarter. are

guidance revenue adjusted a Street maintaining earnings for I'll after is almost I to First, full think investors position. our the as all can the investors, listened, it's the with another not Wall plan; and to call. put strong have that. second, well made last to to but us be like I in that also too quarter be performing Syntron to term. the we Mike if And mean this XXXX. is is my I term, the and the I have revenue before in of we community the achieving thank we're but did never they've lucky, acquisition pushes frankly, support in according want I've say of and nice record with according forward. talking I third, going year wouldn't people expectation employees, very at that push -- EBITDA revenue; XX of it want who And company record really more I investment take quarters, be to conversation company my in years to listener today. you the and the me, Kadant, thank long companies had to end, a really think sometimes who've bookings say short me. given feel XX I noted, opportunity this

I hit with forward. think been. going and think very as Jeff positioned And his I we're as new to well team strong ever we've heights we're

Jeff working new role, forward to for the very and in his company. I I'm So look with excited

much. very thank again. you you will future that, So Jeff on with update calls. Thanks

Operator

today's conclude you a This and wonderful conference. does have program, for participation disconnect. may and in your our gentlemen, we Everybody, Ladies all thank day.

Kadant (KAI) 4 May 192019 Q1 Earnings call transcript