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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 fiscal year 2021 results, revealing a net loss of $3,672,000, or ($1.33) per diluted share, an improvement from a loss of $4,687,000 in the previous year.
Fourth quarter sales increased by 13% to $38,707,000, while pre-tax losses narrowed to $950,000. The international segment saw significant growth, with sales up 72%. However, rising raw material costs impacted profitability. The company's backlog reached $114.5 million, its strongest position since 2018.
Kewaunee Scientific Corporation (NASDAQ: KEQU) reported its third-quarter fiscal results for 2021, with sales at $33.34 million, a 2.6% decrease from $34.23 million a year earlier. However, net earnings rose to $81,000 ($0.03 per diluted share), up from a loss of $1.92 million in Q3 2020. The order backlog reached $103 million, indicating strong future demand. Notably, the International segment saw a 9.9% sales increase, while the Domestic segment suffered a 6.1% decline. The company acknowledged concerns over rising raw material costs affecting margins moving forward.
Kewaunee Scientific Corporation (NASDAQ: KEQU) announced that its Kewaunee International Group received the 'Customer Centricity' award from the Confederation of Indian Industry (CII) on December 15, 2020. This recognition underscores the company's commitment to customer service, especially during the challenges posed by the COVID-19 pandemic. Executives highlighted the award's significance, reflecting Kewaunee's dedication to delivering exceptional customer experiences. The assessment for this award was based on a structured evaluation by CII judges, aligning with excellence frameworks.
Kewaunee Scientific Corporation (NASDAQ: KEQU) reported second quarter fiscal 2021 results, with sales of $39 million, a 1.8% decrease year-over-year. The company experienced a pre-tax loss of $362,000 compared to $158,000 last year, while net losses improved to $180,000 or ($0.07) per diluted share, a significant reduction from the previous year’s loss of $2.18 million. Domestic segment sales fell 8.9% to $28.77 million, but the international segment saw a 25.7% increase to $10.23 million. Corporate expenses rose 24.1%, impacting overall profitability.
Kewaunee Scientific Corporation (Nasdaq: KEQU) will release its second-quarter fiscal year 2021 financial results on December 9, 2020, after trading hours. This announcement follows a decision to stop issuing financial results via press releases, with all future updates available on their investor relations website. Founded in 1906, Kewaunee Scientific specializes in designing and manufacturing laboratory and healthcare furniture, with multiple facilities in the U.S. and India.
Kewaunee Scientific Corporation (NASDAQ: KEQU) reported a 7.4% decline in first quarter sales, totaling $36.4 million, compared to $39.3 million last year. The company faced a pre-tax loss of $587,000, reversing from last year's earnings of $665,000. Net earnings fell 227% to a loss of $598,000, or ($0.22) per diluted share. While domestic sales grew 2.6% to $30.1 million, international sales plummeted 36.7%. Corporate expenses rose 27.6% due to increased pension expenses. Cash reserves decreased slightly to $4.8 million, with working capital at $27.8 million.
Kewaunee Scientific Corporation (Nasdaq: KEQU) will release its first quarter fiscal year 2021 financial results on September 8, 2020, after market close. The results will be available on the company’s website at www.kewaunee.com. Founded in 1906, Kewaunee specializes in laboratory, healthcare, and technical furniture products, with manufacturing facilities in North Carolina and India. The company emphasizes forward-looking statements regarding its financial condition and operational results, acknowledging risks and uncertainties that could impact actual outcomes.
Kewaunee Scientific Corporation (NASDAQ: KEQU) has announced the establishment of a Technical Service Organization in Saudi Arabia to enhance its operations in the Middle East and Africa. This initiative aims to strengthen Kewaunee's presence and relationships with regional customers, leveraging local talent to support its growing market. The company's leadership anticipates that this move will facilitate tailored solutions and foster long-term partnerships, contributing to sustained growth in these emerging markets.
Kewaunee Scientific Corporation (NASDAQ: KEQU) reported a 4Q 2020 net loss of $1,062,000, down from $1,270,000 a year earlier, with a diluted loss per share of ($0.39). 4Q sales totaled $34,257,000, a 1.4% decline year-over-year, impacted significantly by the coronavirus pandemic. Domestic sales rose 11.6% to $27,533,000, while international sales plunged 33.2% to $6,724,000. For fiscal year 2020, sales rose slightly to $147,540,000, with a net loss of $4,687,000. The company cited operational challenges from the pandemic and ongoing restructuring efforts as key factors affecting profitability.
Kewaunee Scientific Corporation (NASDAQ: KEQU) will release its fourth quarter and fiscal year-end 2020 financial results on July 21, 2020, post market close. The delay is attributed to mandated government shutdowns affecting international subsidiaries' year-end activities. Additionally, the company will hold its annual shareholder meeting virtually on August 26, 2020, due to COVID-19 related travel uncertainties. Kewaunee Scientific specializes in manufacturing laboratory and technical furniture products.
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