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Kewaunee Scientific Corporation (NASDAQ: KEQU) is a recognized leader in the design, manufacture, and installation of laboratory, technical, and laminate furniture products. Founded in 1906, Kewaunee has built a reputation for delivering high-quality, innovative solutions for various industries, including healthcare, education, and industrial applications. The company’s corporate headquarters are in Statesville, North Carolina, with three manufacturing facilities serving domestic and international markets. Additionally, Kewaunee operates a manufacturing facility in Bangalore, India, catering to local and Asian markets, and has subsidiaries in Singapore and India.
Core Business and Product Offerings
Kewaunee’s product lineup includes a wide range of laboratory furniture such as steel and wood cabinetry, fume hoods, adaptable modular systems, moveable workstations, environmentally friendly casework, biological safety cabinets, and epoxy resin counters and sinks. The company also specializes in technical furniture featuring column systems, slotted-post systems, pedestal systems, and stand-alone benches. Their laminate furniture products are designed for educational, healthcare, and industrial settings, ensuring flexibility and durability.
Recent Achievements and Financial Highlights
Kewaunee has reported strong financial performance in recent quarters. For the fiscal year ending April 30, 2023, the company achieved a sales increase of 30.0%, reaching $219,494,000 compared to $168,872,000 the previous year. The fourth quarter of fiscal year 2023 marked one of the best in the company’s history, with sales of $53,986,000, an increase of 8.6% from the prior year’s period. The company saw significant growth in its international segment, driven by the delivery of large projects in India, Asia, and Africa.
Strategic Decisions and Future Outlook
Kewaunee’s strategic decision to stop selling directly to end-users and instead focus on supporting dealer and distribution partners has paid off. This shift has resulted in improved manufacturing productivity, cost containment, and stronger financial performance. The company continues to invest in its capabilities, ensuring it remains the brand of choice in the laboratory furniture and infrastructure markets.
Global Presence and Projects
Kewaunee’s international team has been awarded several large, high-profile projects over the past two years. The company’s commitment to providing turnkey solutions has solidified its position as a leading global supplier. Kewaunee recently launched its second LOOKBOOK during the 2023 Arablab Live tradeshow in Dubai, showcasing exceptional laboratory projects completed worldwide.
Conclusion
With a robust backlog of $152.3 million as of January 31, 2024, Kewaunee is well-positioned to continue its growth trajectory. The company’s focus on operational excellence, strategic investments, and a strong global management team ensures that it will remain a leader in the laboratory, healthcare, and technical furniture markets.
Kewaunee Scientific (NASDAQ: KEQU) reported Q2 FY2025 results with sales of $47.76M, down 5.3% YoY. Pre-tax earnings decreased 18.9% to $3.93M, while net earnings increased to $3.01M from $2.73M. The company's order backlog reached a historic high of $184.4M.
Domestic segment sales grew 6.5% to $36.41M, while International segment sales declined 30.1% to $11.36M due to construction delays in India. The company maintained strong liquidity with $29.66M cash on hand and reduced its debt-to-equity ratio to 0.59-to-1.
On November 1, 2024, Kewaunee completed the acquisition of Nu Aire, Inc., a leading manufacturer of biological safety cabinets and airflow products, incurring $2.3M in acquisition-related expenses during the quarter.
Kewaunee Scientific (NASDAQ: KEQU) announced it will release its second quarter fiscal year 2025 financial results on Wednesday, December 11, 2024 after market close. The results will be available on the company's website. Kewaunee Scientific, founded in 1906, is a global leader in laboratory, healthcare, and technical furniture products manufacturing, with headquarters in Statesville, North Carolina and manufacturing facilities in the US and India.
Kewaunee Scientific (NASDAQ: KEQU) has completed the acquisition of Nu Aire, a Minneapolis-based manufacturer of laboratory equipment, for $55 million. Nu Aire specializes in biological safety cabinets, airflow products, CO2 incubators, and related equipment serving life sciences, healthcare, and education sectors. The acquisition expands Kewaunee's product portfolio and market reach through Nu Aire's established distribution network. Bill Peters will continue as Nu Aire's President and join Kewaunee's corporate management team. The combined organization aims to enhance product offerings and leverage operational synergies for improved performance and sustainable growth.
Kewaunee Scientific (NASDAQ: KEQU) reported its Q1 FY2025 results. Key highlights include:
- Sales decreased 2.9% to $48,393,000
- Pre-tax earnings fell 28.8% to $2,430,000
- Net earnings decreased to $2,193,000
- Diluted EPS dropped to $0.74 from $0.86
- Order backlog increased to $159.4 million
- Domestic sales rose 0.3% to $35,523,000
- International sales declined 10.7% to $12,870,000
The company maintained a strong financial position with $25,186,000 in cash and a debt-to-equity ratio of 0.68-to-1. Despite challenges in the international segment due to project delays in India, the domestic segment showed improved performance. The company's CEO expressed confidence in another strong year based on the robust backlog and high quoting activity.
Kewaunee Scientific (NASDAQ: KEQU), a global leader in laboratory, healthcare, and technical furniture products, announces its participation in the 2024 Arablab Live tradeshow in Dubai from September 24-26. The event will host industry professionals from over 120 countries, showcasing innovations in life sciences, clean energy, industrial, and chemical sectors.
Kewaunee's executive and sales teams will be present at Hall 3, Stand 708 of the Dubai World Trade Centre, offering product demonstrations and networking opportunities. The company aims to connect with international partners, exchange knowledge, and highlight its innovative solutions for laboratory spaces worldwide.
Kewaunee Scientific (NASDAQ: KEQU) has announced plans to release its first quarter fiscal year 2025 financial results on Wednesday, September 11, 2024, after the close of trading. The information will be available on the company's website following the release.
Kewaunee Scientific, founded in 1906, is a global leader in designing, manufacturing, and installing laboratory, healthcare, and technical furniture products. The company's product range includes steel and wood casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin work surfaces and sinks.
Headquartered in Statesville, North Carolina, Kewaunee Scientific has sales offices in the United States, India, Saudi Arabia, and Singapore. It operates three manufacturing facilities in Statesville and one in Bangalore, India, serving domestic and international markets.
Kewaunee Scientific announced its fiscal year and fourth quarter results for the period ending April 30, 2024. Fourth quarter sales increased by 5% to $56.7 million, with adjusted net earnings rising to $4.6 million from $1 million year-over-year. Adjusted diluted earnings per share for the quarter were $1.55, up from $0.34. For the fiscal year, sales dropped by 7.2% to $203.8 million, while adjusted net earnings surged to $12.3 million from $738,000. Adjusted EBITDA for the fiscal year was $20.7 million, up from $7.5 million. The order backlog rose to $155.6 million. The company also noted two significant non-recurring transactions: the annuitization of its pension obligations and the reversal of a valuation allowance, impacting earnings and EBITDA.
Kewaunee Scientific (NASDAQ: KEQU) announced plans to release financial results for its fourth quarter and fiscal year ended April 30, 2024, on June 26, 2024, after market close. These results will be accessible on the company's website. Founded in 1906, Kewaunee is a global leader in designing, manufacturing, and installing laboratory, healthcare, and technical furniture products. The company operates three manufacturing facilities in Statesville, North Carolina, and one in Bangalore, India, serving both domestic and international markets. Sales offices are located in the U.S., India, Saudi Arabia, and Singapore.
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