Kadant Reports Fourth Quarter and Fiscal Year 2025 Results

WESTFORD, Mass., Feb. 18, 2026 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE:KAI) reported its financial results for the fourth quarter and fiscal year ended January 3, 2026.

Fourth Quarter Financial Highlights

• Revenue increased 11% to a record $286 million
• Gross margin increased 50 basis points to 43.9%
• Net income was $24 million in both periods
• GAAP EPS was $2.04 in both periods
• Adjusted EPS increased 1% to $2.27
• Adjusted EBITDA increased 11% to $58 million and represented 20.3% of revenue
• Operating cash flow increased 17% to $61 million
• Bookings increased 12% to $270 million
  
  
  
  

Fiscal Year Financial Highlights

• Revenue was $1.05 billion in both periods
• Gross margin increased 90 basis points to 45.2%
• Net income decreased 9% to $102 million
• GAAP EPS decreased 9% to $8.65
• Adjusted EPS decreased 10% to $9.26
• Adjusted EBITDA decreased 6% to $216 million and represented 20.6% of revenue
• Operating cash flow increased 10% to a record $171 million
• Bookings increased 5% to a record $1.03 billion
  
  
  
  

Note: Percent changes above are based on comparison to the prior year period. All references to earnings per share (EPS) are to our EPS as calculated on a diluted basis. Adjusted EPS, adjusted EBITDA, adjusted EBITDA margin, free cash flow, 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

"The fourth quarter was a solid finish to the year," said Jeffrey L. Powell, president and chief executive officer of Kadant Inc. "Good execution by our businesses combined with our recent acquisitions drove record revenue performance and strong cash flows despite a challenging economic environment."

Fourth Quarter 2025 Compared to 2024

Revenue increased 11 percent to a record $286.2 million compared to $258.0 million in 2024, including increases of eight percent from acquisitions and three percent from the favorable effect of foreign currency translation. Gross margin was 43.9 percent compared to 43.4 percent in 2024.

Net income was $24.0 million in both 2025 and 2024. GAAP EPS was $2.04 in both periods, and adjusted EPS increased one percent to $2.27 in 2025 compared to $2.25 in 2024. Adjusted EPS excludes acquisition-related costs of $0.17 and other costs of $0.07 in 2025, and excludes acquisition-related costs of $0.16 and other costs of $0.06 in 2024.

Adjusted EBITDA increased 11 percent to $58.0 million compared to $52.4 million in 2024 and represented 20.3 percent of revenue in both periods. Operating cash flow increased 17 percent to $60.8 million compared to $51.9 million in 2024. Free cash flow increased 18 percent to $54.7 million compared to $46.3 million in 2024.

Bookings increased 12 percent to $270.0 million compared to $240.6 million in 2024. Organic bookings increased one percent, which excludes increases of eight percent from acquisitions and three percent from the favorable effect of foreign currency translation.

Fiscal Year 2025 Compared to 2024

Revenue was $1,052.2 million in 2025 compared to a record $1,053.4 million in 2024. Organic revenue decreased four percent, which excludes increases of three percent from acquisitions and one percent from the favorable effect of foreign currency translation. Gross margin was 45.2 percent compared to 44.3 percent in 2024.

Net income was $102.0 million, decreasing nine percent compared to $111.6 million in 2024. GAAP EPS decreased nine percent to $8.65 compared to $9.48 in 2024, and adjusted EPS decreased 10 percent to $9.26 compared to $10.28 in 2024. Adjusted EPS excludes acquisition-related costs of $0.53 and other costs of $0.08 in 2025, and excludes acquisition-related costs of $0.74 and other costs of $0.06 in 2024.

Adjusted EBITDA decreased six percent to $216.3 million and represented 20.6 percent of revenue compared to a record $229.7 million and 21.8 percent in 2024. Operating cash flow increased 10 percent to a record $171.3 million compared to $155.3 million in 2024. Free cash flow increased 15 percent to a record $154.3 million compared to $134.3 million in 2024.

Bookings increased five percent to a record $1,033.9 million compared to $981.1 million in 2024. Organic bookings increased one percent, which excludes a four percent increase from acquisitions.

Summary and Outlook

"Looking ahead to 2026, we are encouraged by improving business activity as we begin the year," continued Mr. Powell. "Our capital project bookings are expected to strengthen supported by steady aftermarket demand, a strong balance sheet, and robust cash flow generation. For 2026, we expect revenue of $1.160 to $1.185 billion, GAAP EPS of $10.27 to $10.62 and, after excluding $0.13 of acquisition-related costs, adjusted EPS of $10.40 to $10.75. For the first quarter of 2026, we expect revenue of $270 to $280 million, GAAP EPS of $1.69 to $1.79 and, after excluding $0.09 of acquisition-related costs, adjusted EPS of $1.78 to $1.88."

Conference Call

Kadant will hold a webcast with a slide presentation for investors on Thursday, February 19, 2026, at 11:00 a.m. Eastern Time to discuss its fourth quarter and full year financial 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 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 March 20, 2026.

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 sec.gov. After the webcast, Kadant will post its updated general investor presentation incorporating the fourth quarter and full year results on its website at kadant.com under the "Investors" section.

Use of Non-GAAP Financial Measures

In 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 fourth quarter of 2025 included $21.9 million from acquisitions and a favorable foreign currency translation effect of $6.5 million compared to the fourth quarter of 2024. Revenue in 2025 included $36.7 million from acquisitions and a favorable foreign currency translation effect of $7.0 million compared to 2024. Our other non-GAAP financial measures exclude acquisition costs, amortization expense related to acquired profit in inventory and backlog, restructuring and impairment costs, and other income or expense, 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 additional measures 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 or cash flows 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.

Fourth Quarter

Adjusted operating income, adjusted EBITDA, and adjusted EBITDA margin exclude:

• Pre-tax acquisition costs of $0.9 million in 2025 and $0.3 million in 2024.
• Pre-tax amortization of acquired profit in inventory and backlog of $1.1 million in 2025 and $2.2 million in 2024.
• Pre-tax indemnification asset reversal of $0.6 million in 2025 and $0.3 million in 2024.
• Pre-tax other costs of $1.0 million in 2025 and $0.7 million in 2024.
  
  
  
  

Adjusted net income and adjusted EPS exclude:

• After-tax acquisition costs of $1.1 million ($0.9 million plus tax of $0.2 million) in 2025 and $0.2 million ($0.3 million net of tax of $0.1 million) in 2024.
• After-tax amortization of acquired profit in inventory and backlog of $0.9 million ($1.1 million net of tax of $0.2 million) in 2025 and $1.7 million ($2.2 million net of tax of $0.5 million) in 2024.
• After-tax other costs of $0.8 million ($1.0 million net of tax of $0.2 million) in 2025 and $0.7 million in 2024.
  
  
  
  

Free cash flow is calculated as operating cash flow less:

• Capital expenditures of $6.1 million in 2025 and $5.6 million in 2024.
  
  
  
  

Fiscal Year

Adjusted operating income, adjusted EBITDA, and adjusted EBITDA margin exclude:

• Pre-tax acquisition costs of $4.4 million in 2025 and $2.9 million in 2024.
• Pre-tax amortization of acquired profit in inventory and backlog of $2.4 million in 2025 and $8.4 million in 2024.
• Pre-tax indemnification asset reversal of $0.6 million in 2025 and $0.2 million in 2024.
• Pre-tax other costs of $1.3 million in 2025 and $0.7 million in 2024.
  
  
  
  

Adjusted net income and adjusted EPS exclude:

• After-tax acquisition costs of $4.5 million ($4.4 million plus tax of $0.1 million) in 2025 and $2.3 million ($2.9 million net of tax of $0.6 million) in 2024.
• After-tax amortization of acquired profit in inventory and backlog of $1.8 million ($2.4 million net of tax of $0.6 million) in 2025 and $6.4 million ($8.4 million net of tax of $2.0 million) in 2024.
• After-tax other costs of $1.0 million in ($1.3 million net of tax of $0.3 million) 2025 and $0.7 million in 2024.
  
  
  
  

Free cash flow is calculated as operating cash flow less:

• Capital expenditures of $17.0 million in 2025 and $21.0 million in 2024.
  
  
  
  

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								Twelve Months Ended
Consolidated Statement of Income				January 3, 2026				December 28, 2024				January 3, 2026				December 28, 2024
Revenue				$	286,204			$	258,030			$	1,052,248			$	1,053,384
Costs and Operating Expenses:
	Cost of revenue				160,509				146,170				576,520				587,236
	Selling, general, and administrative expenses				80,862				70,568				301,863				279,920
	Research and development expenses				4,098				3,697				15,264				14,318
	Other costs (g)				1,026				658				1,313				658
					246,495				221,093				894,960				882,132
Operating Income					39,709				36,937				157,288				171,252
Interest Income					600				529				1,929				1,915
Interest Expense					(5,322	)			(4,642	)			(15,571	)			(20,028	)
Other Expense, Net					(9	)			(21	)			(61	)			(69	)
Income Before Provision for Income Taxes					34,978				32,803				143,585				153,070
Provision for Income Taxes					10,488				8,706				39,904				40,516
Net Income					24,490				24,097				103,681				112,554
Net Income Attributable to Noncontrolling Interests					(465	)			(65	)			(1,712	)			(956	)
Net Income Attributable to Kadant				$	24,025			$	24,032			$	101,969			$	111,598
Earnings per Share Attributable to Kadant:
		Basic		$	2.04			$	2.05			$	8.66			$	9.51
		Diluted		$	2.04			$	2.04			$	8.65			$	9.48
Weighted Average Shares:
		Basic			11,779				11,745				11,773				11,739
		Diluted			11,805				11,794				11,794				11,771

				Three Months Ended						Three Months Ended
Adjusted Net Income and Adjusted Diluted EPS (a)				January 3, 2026			January 3, 2026			December 28, 2024			December 28, 2024
Net Income and Diluted EPS Attributable to Kadant, as Reported				$	24,025		$	2.04		$	24,032		$	2.04
Adjustments, Net of Tax:
	Acquisition Costs				1,146			0.10			194			0.02
	Amortization of Profit in Inventory and Backlog				850			0.07			1,664			0.14
	Other Costs (g)				769			0.07			658			0.06
Adjusted Net Income and Adjusted Diluted EPS (a)				$	26,790		$	2.27		$	26,548		$	2.25
				Twelve Months Ended						Twelve Months Ended
				January 3, 2026			January 3, 2026			December 28, 2024			December 28, 2024
Net Income and Diluted EPS Attributable to Kadant, as Reported				$	101,969		$	8.65		$	111,598		$	9.48
Adjustments, Net of Tax:
	Acquisition Costs				4,536			0.38			2,320			0.20
	Amortization of Profit in Inventory and Backlog				1,775			0.15			6,394			0.54
	Other Costs (g)				985			0.08			658			0.06
Adjusted Net Income and Adjusted Diluted EPS (a)				$	109,265		$	9.26		$	120,970		$	10.28

				Three Months Ended												Increase (Decrease) Excluding Acquisitions and FX (a,b)
Revenue by Segment				January 3, 2026				December 28, 2024				Increase
Flow Control				$	99,639			$	94,684			$	4,955			$	1,639
Industrial Processing					117,635				101,428				16,207				(7,333	)
Material Handling					68,930				61,918				7,012				5,486
				$	286,204			$	258,030			$	28,174			$	(208	)
Percentage of Parts and Consumables Revenue					70	%			67	%
				Twelve Months Ended								Increase (Decrease)				Increase (Decrease) Excluding Acquisitions and FX (a,b)
				January 3, 2026				December 28, 2024
Flow Control				$	382,866			$	371,177			$	11,689			$	(109	)
Industrial Processing					409,489				432,738				(23,249	)			(51,310	)
Material Handling					259,893				249,469				10,424				6,623
				$	1,052,248			$	1,053,384			$	(1,136	)		$	(44,796	)
Percentage of Parts and Consumables Revenue					71	%			66	%
				Three Months Ended								Increase				Increase (Decrease) Excluding Acquisitions and FX (b)
Bookings by Segment				January 3, 2026				December 28, 2024
Flow Control				$	93,617			$	87,436			$	6,181			$	3,108
Industrial Processing					120,993				103,607				17,386				(4,401	)
Material Handling					55,372				49,601				5,771				4,452
				$	269,982			$	240,644			$	29,338			$	3,159
Percentage of Parts and Consumables Bookings					73	%			70	%
				Twelve Months Ended								Increase				Increase Excluding Acquisitions and FX (b)
				January 3, 2026				December 28, 2024
Flow Control				$	380,503			$	365,185			$	15,318			$	2,864
Industrial Processing					403,895				379,517				24,378				1,796
Material Handling					249,532				236,399				13,133				9,144
				$	1,033,930			$	981,101			$	52,829			$	13,804
Percentage of Parts and Consumables Bookings					72	%			71	%

				Three Months Ended								Twelve Months Ended
Additional Segment Information				January 3, 2026				December 28, 2024				January 3, 2026				December 28, 2024
Gross Margin:
		Flow Control			50.5	%			51.4	%			52.3	%			52.5	%
		Industrial Processing			42.0	%			39.9	%			43.0	%			41.8	%
		Material Handling			37.6	%			36.7	%			38.1	%			36.3	%
		Consolidated			43.9	%			43.4	%			45.2	%			44.3	%
Operating Income:
		Flow Control		$	23,271			$	22,091			$	92,808			$	91,612
		Industrial Processing			16,602				16,563				67,748				86,623
		Material Handling			11,234				8,551				41,241				34,073
		Corporate			(11,398	)			(10,268	)			(44,509	)			(41,056	)
				$	39,709			$	36,937			$	157,288			$	171,252
Adjusted Operating Income (a,c):
		Flow Control		$	23,651			$	24,330			$	93,976			$	96,476
		Industrial Processing			19,748				17,442				74,889				90,218
		Material Handling			11,362				8,934				41,588				37,743
		Corporate			(11,398	)			(10,268	)			(44,509	)			(41,056	)
				$	43,363			$	40,438			$	165,944			$	183,381
Capital Expenditures:
		Flow Control		$	1,949			$	1,496			$	6,051			$	7,225
		Industrial Processing			1,840				2,178				5,543				8,121
		Material Handling			2,119				1,901				5,309				5,638
		Corporate			142				—				145				21
				$	6,050			$	5,575			$	17,048			$	21,005
				Three Months Ended								Twelve Months Ended
Cash Flow and Other Data				January 3, 2026				December 28, 2024				January 3, 2026				December 28, 2024
Operating Cash Flow				$	60,759			$	51,890			$	171,328			$	155,265
Capital Expenditures					(6,050	)			(5,575	)			(17,048	)			(21,005	)
Free Cash Flow (a)				$	54,709			$	46,315			$	154,280			$	134,260
Depreciation and Amortization Expense				$	14,740			$	13,082			$	51,219			$	49,587

Balance Sheet Data								January 3, 2026			December 28, 2024
Assets
Cash, Cash Equivalents, and Restricted Cash								$	122,681		$	95,946
Accounts Receivable, Net									158,567			142,462
Inventories									206,854			146,092
Contract Assets									6,599			18,408
Property, Plant, and Equipment, Net									196,656			170,331
Intangible Assets									350,376			279,494
Goodwill									555,621			479,169
Other Assets									114,824			98,443
								$	1,712,178		$	1,430,345
Liabilities and Stockholders' Equity
Accounts Payable								$	53,362		$	51,062
Debt Obligations									372,720			286,504
Other Borrowings									1,781			2,023
Other Liabilities									293,248			232,628
	Total Liabilities								721,111			572,217
	Stockholders' Equity								991,067			858,128
								$	1,712,178		$	1,430,345

				Three Months Ended								Twelve Months Ended
Adjusted Operating Income and Adjusted EBITDA Reconciliation (a)				January 3, 2026				December 28, 2024				January 3, 2026				December 28, 2024
Consolidated
		Net Income Attributable to Kadant		$	24,025			$	24,032			$	101,969			$	111,598
		Net Income Attributable to Noncontrolling Interests			465				65				1,712				956
		Provision for Income Taxes			10,488				8,706				39,904				40,516
		Interest Expense, Net			4,722				4,113				13,642				18,113
		Other Expense, Net			9				21				61				69
		Operating Income			39,709				36,937				157,288				171,252
		Acquisition Costs			927				339				4,425				2,872
		Acquired Profit in Inventory Amortization (d)			1,004				1,124				1,504				5,189
		Acquired Backlog Amortization (e)			109				1,071				855				3,252
		Indemnification Asset Reversal, Net (f)			588				309				559				158
		Other Costs (g)			1,026				658				1,313				658
		Adjusted Operating Income (a)			43,363				40,438				165,944				183,381
		Depreciation and Amortization			14,631				12,011				50,364				46,335
		Adjusted EBITDA (a)		$	57,994			$	52,449			$	216,308			$	229,716
		Adjusted EBITDA Margin (a,h)			20.3	%			20.3	%			20.6	%			21.8	%
Flow Control
		Operating Income		$	23,271			$	22,091			$	92,808			$	91,612
		Acquisition Costs			3				18				44				655
		Acquired Profit in Inventory Amortization (d)			—				981				35				1,944
		Acquired Backlog Amortization (e)			91				618				701				1,500
		Indemnification Asset Reversal (Provision) (f)			286				(36	)			388				107
		Other Costs (g)			—				658				—				658
		Adjusted Operating Income (a)			23,651				24,330				93,976				96,476
		Depreciation and Amortization			3,184				2,874				12,451				10,435
		Adjusted EBITDA (a)		$	26,835			$	27,204			$	106,427			$	106,911
		Adjusted EBITDA Margin (a,h)			26.9	%			28.7	%			27.8	%			28.8	%
Industrial Processing
		Operating Income		$	16,602			$	16,563			$	67,748			$	86,623
		Acquisition Costs			920				361				4,369				1,203
		Acquired Profit in Inventory Amortization (d)			1,004				139				1,469				2,201
		Indemnification Asset Reversal (Provision) (f)			196				379				(10	)			191
		Other Costs (g)			1,026				—				1,313				—
		Adjusted Operating Income (a)			19,748				17,442				74,889				90,218
		Depreciation and Amortization			7,554				5,149				22,404				20,607
		Adjusted EBITDA (a)		$	27,302			$	22,591			$	97,293			$	110,825
		Adjusted EBITDA Margin (a,h)			23.2	%			22.3	%			23.8	%			25.6	%
Material Handling
		Operating Income		$	11,234			$	8,551			$	41,241			$	34,073
		Acquisition Costs			4				(40	)			12				1,014
		Acquired Profit in Inventory Amortization (d)			—				4				—				1,044
		Acquired Backlog Amortization (e)			18				453				154				1,752
		Indemnification Asset Reversal (Provision) (f)			106				(34	)			181				(140	)
		Adjusted Operating Income (a)			11,362				8,934				41,588				37,743
		Depreciation and Amortization			3,878				3,975				15,458				15,244
		Adjusted EBITDA (a)		$	15,240			$	12,909			$	57,046			$	52,987
		Adjusted EBITDA Margin (a,h)			22.1	%			20.8	%			21.9	%			21.2	%
Corporate
		Operating Loss		$	(11,398	)		$	(10,268	)		$	(44,509	)		$	(41,056	)
		Depreciation and Amortization			15				13				51				49
		EBITDA (a)		$	(11,383	)		$	(10,255	)		$	(44,458	)		$	(41,007	)
(a)		Represents a non-GAAP financial measure.
(b)		Represents the increase (decrease) resulting from the exclusion of acquisitions and 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.
(c)		See reconciliation to the most directly comparable GAAP financial measure under "Adjusted Operating Income and Adjusted EBITDA Reconciliation."
(d)		Represents amortization expense within cost of revenue associated with acquired profit in inventory.
(e)		Represents intangible amortization expense associated with acquired backlog.
(f)		Represents the provision for or reversal of indemnification assets related to the establishment or release of tax reserves associated with uncertain tax positions.
(g)		Other costs consist of land remediation costs of $871 ($653 net of tax) and restructuring costs of $155 ($116 net of tax) in the three and twelve months ended January 3, 2026, and impairment costs of $287 ($216 net of tax) in the twelve months ended January 3, 2026 all within the Industrial Processing segment, and a loss of $658 in the three and twelve months ended December 28, 2024 related to the recognition of a cumulative translation adjustment from the liquidation of a foreign subsidiary within the Flow Control segment.
(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 3,900 employees in 22 countries worldwide. For more information, visit kadant.com.

Safe Harbor Statement

The 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 28, 2024 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; 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 cybersecurity incidents; implementation of our internal growth strategy; competition; our ability to successfully manage our manufacturing operations; supply chain constraints, inflationary pressure, price increases or shortages in raw materials; loss of key personnel and effective succession planning; future restructurings; protection of intellectual property; changes to tax laws and regulations; 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.

Contacts

Investor Contact Information:

Michael McKenney, 978-776-2000

[email protected]

Media Contact Information:

Wes Martz, 978-776-2000

[email protected]