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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 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.
Kewaunee Scientific Corporation (NASDAQ: KEQU) announced a strategic shift in its sales and distribution channels on January 5, 2022. The company will now collaborate exclusively with its largest dealer partners, Nycom and ISEC, to tap into new markets and enhance operational efficiency. This change aims to improve profitability and shareholder value by reducing inefficiencies from direct sales. Nycom will cover territories in New York, New Jersey, Delaware, and Pennsylvania, while ISEC will serve Illinois, Arkansas, and Oklahoma. This move signals Kewaunee's commitment to strengthening its manufacturing capabilities.
Kewaunee Scientific Corporation (KEQU), a leader in laboratory furniture design and manufacturing, announced a significant turnkey contract with Laurus Synthesis, a subsidiary of Laurus Labs, for a greenfield laboratory project in India. This contract contributes to Kewaunee's record order backlog of $139.7 million as of October 31, 2021, up from $96.0 million a year earlier. The project will span the next eighteen months, reinforcing Kewaunee's strategic position in the international market for laboratory infrastructure.
Kewaunee Scientific Corporation (KEQU) reported its second quarter results for fiscal year 2022, showing sales of $39.03 million, similar to the previous year's $39 million. However, it faced a pre-tax loss of $2.89 million versus a loss of $362,000 last year, largely due to a $2.11 million increase in raw material costs. The net loss was $3.1 million, compared to a net loss of $180,000 in the same quarter last year. Despite challenges, the company achieved a record backlog of $139.7 million. It expects to improve financial performance as surcharges are implemented on new orders.
Kewaunee Scientific Corporation (NASDAQ: KEQU) reported its first quarter results for fiscal year 2022, ending July 31, 2021. Sales increased by 8.4% to $39.5 million, compared to $36.4 million in the prior year. However, the company faced a net loss of $1.3 million, worse than a loss of $598,000 a year earlier. The domestic segment saw a 1.3% decline in sales, while the international segment reported a 54.4% increase. The order backlog reached a record high of $120.6 million. Rising raw material costs and supply constraints significantly impacted profitability.
Kewaunee Scientific Corporation (NASDAQ: KEQU) announced a distribution partnership with NuAire on August 11, 2021. This alliance expands Kewaunee's product offerings, providing customers access to NuAire's diverse laboratory equipment, while enhancing NuAire's reach through Kewaunee's established global distribution channels. Kewaunee's CEO, Thomas D. Hull III, highlighted the growing market for biosafety cabinets and the importance of integrated solutions for laboratory construction and modernization. The partnership aims to leverage the strengths of both companies to capture market opportunities.
Kewaunee Scientific Corporation (NASDAQ: KEQU) announced a strategic alliance with Schneider Electric, focusing on international markets such as India and the Middle East. This partnership aims to deliver integrated solutions for laboratory design and modernization, addressing growing demands in the healthcare sector post-pandemic. Both companies will leverage their expertise to offer innovative technologies that enhance lab efficiency and sustainability. Kewaunee's position as a market leader is reinforced through this collaboration, anticipating increased demand for its services amid global health challenges.
Kewaunee Scientific Corporation (NASDAQ: KEQU) announced the launch of its new healthcare brand, EVERHUTCH, on July 8, 2021. Developed by a skilled team and tested by healthcare professionals, EVERHUTCH focuses on enhancing workspace organization for healthcare practitioners. Leveraging Kewaunee's manufacturing capabilities, the product lineup includes specialized carts and tables designed for modern healthcare and clinical lab environments. With a dedicated national distribution network, the company aims to capitalize on the projected growth in the healthcare furniture market.
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