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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 Corporation (NASDAQ: KEQU) reported a 49.7% year-over-year increase in third-quarter sales for FY 2023, reaching $60,821,000. Pre-tax earnings turned positive at $2,060,000, compared to a loss of $887,000 last year. Net earnings also improved to $723,000, reversing a net loss of $1,319,000. EBITDA climbed to $2,683,000 from a negative $117,000. The order backlog grew to $153.2 million, bolstered by a multi-year contract with Indian Oil Corporation. Domestic sales rose by 22.4%, while international sales surged by 122.4%. Cash on hand increased to $18,416,000, marking a significant rise from $6,894,000 a year prior.
Kewaunee Scientific Corporation (NASDAQ: KEQU) announced a significant contract from Indian Oil Corporation Limited (IOCL) for laboratory furniture and technical products at IOCL's new R&D facility in Faridabad, India. This project, awarded by Shapoorji Pallonji Ltd., emphasizes Kewaunee's robust market position in India’s laboratory infrastructure sector. The contract enhances the company's order backlog, which will be reported in the upcoming Q3 earnings release on March 8, 2023. Kewaunee reiterated its commitment to delivering advanced laboratory solutions and acknowledged the ongoing investment in India's expanding economy.
Kewaunee Scientific Corporation (NASDAQ: KEQU) reported a significant 39.8% increase in sales for Q2 FY2023, totaling $54.6 million, up from $39.0 million in the same quarter last year. Pre-tax earnings improved to $456,000 compared to a loss of $2.9 million a year ago. Although the company recorded a net loss of $243,000, this was an improvement from the previous year's loss of $3.1 million. The order backlog stood at $157.8 million, showcasing an increase from $139.7 million a year prior. However, the domestic segment faced challenges from direct orders delivered at a loss.
Kewaunee Scientific Corporation (NASDAQ: KEQU) reported a 26.9% rise in sales for Q1 FY 2023, reaching $50.1 million, compared to $39.5 million in Q1 FY 2022. The net loss narrowed to $747,000 from $1.35 million YoY. The order backlog hit a record $174 million, up from $120.6 million last year. Domestic sales rose 26.3% to $37.5 million, while international sales increased 28.7% to $12.7 million. However, 25% of domestic revenue came from direct orders delivered at a loss, impacting margins.
Kewaunee Scientific Corporation (NASDAQ: KEQU) reported a robust fourth quarter for fiscal year 2022, achieving sales of $49.7 million, an increase of 28.4% year-over-year. The domestic segment saw a 39% rise in sales, totaling $37.7 million, alongside significant improvements in net earnings. The company faced a net loss of $362,000, a notable reduction from the previous year's loss of $2.9 million, despite a $2.6 million tax expense. Fiscal year sales rose 14.5% to $168.9 million, with total cash increasing to $6.9 million. A record backlog of $173.9 million indicates strong future demand.
Kewaunee Scientific Corporation (NASDAQ: KEQU) announced a $17.3 million contract for laboratory furniture and equipment from Dangote Oil Refinery in Lagos, Nigeria. This award, part of Kewaunee's International Segment, is expected to enhance the company's order backlog, which was $138.1 million as of January 31, 2022. The Dangote Oil project aims to be Africa's largest refinery, meeting local refined product needs and creating an $11 billion annual market for Nigerian crude oil. Kewaunee anticipates this deal will showcase its capabilities in large-scale projects.
Kewaunee Scientific Corporation (NASDAQ: KEQU) reported a third-quarter net loss of $1.319 million for the period ending January 31, 2022, a significant drop from a net gain of $81,000 year-over-year. Sales increased 21.3% to $40.633 million amidst challenges, including a cyber attack, COVID-19 disruptions, supply chain issues, and rising material costs. The company recorded an EBITDA loss of $117,000 compared to a loss of $17,000 in the prior year. The order backlog stands at $138.1 million, with a $17.3 million contract awarded by Dangote Oil Refinery.
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