Kewaunee Scientific Reports Results for Fiscal Year and Fourth Quarter
Kewaunee Scientific Corporation (NASDAQ: KEQU) reported strong financial results for Q4 and fiscal year 2025. Q4 sales reached $77.1 million, up 36.1% year-over-year, with net earnings of $4.85 million and diluted EPS of $1.63. The company's order backlog stood at $214.6 million as of April 30, 2025.
The company completed the acquisition of Nu Aire, Inc. on November 1, 2024, strengthening its laboratory equipment portfolio. For the full fiscal year 2025, sales increased 18% to $240.5 million, with net earnings of $11.4 million. Adjusted for acquisition costs, fiscal year 2025 adjusted diluted EPS was $5.37, compared to $4.19 in the prior year.
The Domestic segment showed particularly strong performance with sales up 54.7% in Q4, while International segment sales increased by 3.9%. The company maintains a healthy financial position with $17.2 million in cash and a debt-to-equity ratio of 0.99-to-1.
Kewaunee Scientific Corporation (NASDAQ: KEQU) ha riportato risultati finanziari solidi per il quarto trimestre e l'anno fiscale 2025. Le vendite del quarto trimestre hanno raggiunto 77,1 milioni di dollari, in aumento del 36,1% rispetto all'anno precedente, con un utile netto di 4,85 milioni di dollari e un utile diluito per azione di 1,63 dollari. L'ordine arretrato della società ammontava a 214,6 milioni di dollari al 30 aprile 2025.
La società ha completato l'acquisizione di Nu Aire, Inc. il 1° novembre 2024, rafforzando il suo portafoglio di attrezzature da laboratorio. Per l'intero anno fiscale 2025, le vendite sono aumentate del 18% raggiungendo 240,5 milioni di dollari, con un utile netto di 11,4 milioni di dollari. Al netto dei costi di acquisizione, l'utile diluito rettificato per l'anno fiscale 2025 è stato di 5,37 dollari, rispetto ai 4,19 dollari dell'anno precedente.
Il segmento domestico ha mostrato una performance particolarmente forte con vendite in crescita del 54,7% nel quarto trimestre, mentre le vendite del segmento internazionale sono aumentate del 3,9%. La società mantiene una solida posizione finanziaria con 17,2 milioni di dollari in liquidità e un rapporto debito/patrimonio netto di 0,99 a 1.
Kewaunee Scientific Corporation (NASDAQ: KEQU) reportó sólidos resultados financieros para el cuarto trimestre y el año fiscal 2025. Las ventas del cuarto trimestre alcanzaron los 77,1 millones de dólares, un aumento del 36,1% interanual, con ganancias netas de 4,85 millones de dólares y un BPA diluido de 1,63 dólares. La cartera de pedidos de la empresa se situó en 214,6 millones de dólares al 30 de abril de 2025.
La empresa completó la adquisición de Nu Aire, Inc. el 1 de noviembre de 2024, fortaleciendo su portafolio de equipos de laboratorio. Para todo el año fiscal 2025, las ventas aumentaron un 18% hasta 240,5 millones de dólares, con ganancias netas de 11,4 millones de dólares. Ajustado por costos de adquisición, el BPA diluido ajustado del año fiscal 2025 fue de 5,37 dólares, comparado con 4,19 dólares el año anterior.
El segmento nacional mostró un desempeño particularmente fuerte con un aumento de ventas del 54,7% en el cuarto trimestre, mientras que las ventas del segmento internacional crecieron un 3,9%. La empresa mantiene una posición financiera saludable con 17,2 millones de dólares en efectivo y una relación deuda-capital de 0,99 a 1.
Kewaunee Scientific Corporation (NASDAQ: KEQU)는 2025 회계연도 4분기 및 연간 실적에서 강력한 성과를 보고했습니다. 4분기 매출은 전년 대비 36.1% 증가한 7,710만 달러를 기록했으며, 순이익은 485만 달러, 희석 주당순이익은 1.63달러였습니다. 2025년 4월 30일 기준 회사의 주문 잔고는 2억 1,460만 달러에 달했습니다.
회사는 2024년 11월 1일 Nu Aire, Inc. 인수를 완료하여 실험실 장비 포트폴리오를 강화했습니다. 2025 회계연도 전체 매출은 18% 증가한 2억 4,050만 달러를 기록했으며, 순이익은 1,140만 달러였습니다. 인수 비용을 조정한 2025 회계연도 조정 희석 주당순이익은 5.37달러로, 전년도의 4.19달러에서 상승했습니다.
국내 부문은 4분기 매출이 54.7% 증가하며 특히 강한 실적을 보였고, 국제 부문 매출은 3.9% 증가했습니다. 회사는 1,720만 달러의 현금과 0.99 대 1의 부채 대 자본 비율로 건전한 재무 상태를 유지하고 있습니다.
Kewaunee Scientific Corporation (NASDAQ : KEQU) a annoncé de solides résultats financiers pour le quatrième trimestre et l'exercice 2025. Les ventes du quatrième trimestre ont atteint 77,1 millions de dollars, en hausse de 36,1 % sur un an, avec un bénéfice net de 4,85 millions de dollars et un BPA dilué de 1,63 dollar. Le carnet de commandes de l'entreprise s'élevait à 214,6 millions de dollars au 30 avril 2025.
L'entreprise a finalisé l'acquisition de Nu Aire, Inc. le 1er novembre 2024, renforçant ainsi son portefeuille d'équipements de laboratoire. Sur l'ensemble de l'exercice 2025, les ventes ont augmenté de 18 % pour atteindre 240,5 millions de dollars, avec un bénéfice net de 11,4 millions de dollars. Ajusté des coûts d'acquisition, le BPA dilué ajusté pour l'exercice 2025 s'est établi à 5,37 dollars, contre 4,19 dollars l'année précédente.
Le segment domestique a affiché une performance particulièrement solide avec une hausse des ventes de 54,7 % au quatrième trimestre, tandis que les ventes du segment international ont progressé de 3,9 %. L'entreprise maintient une position financière saine avec 17,2 millions de dollars en liquidités et un ratio dette/fonds propres de 0,99 pour 1.
Kewaunee Scientific Corporation (NASDAQ: KEQU) meldete starke Finanzergebnisse für das vierte Quartal und das Geschäftsjahr 2025. Der Umsatz im vierten Quartal erreichte 77,1 Millionen US-Dollar, ein Anstieg von 36,1 % im Jahresvergleich, mit einem Nettogewinn von 4,85 Millionen US-Dollar und einem verwässerten Ergebnis je Aktie von 1,63 US-Dollar. Der Auftragsbestand des Unternehmens belief sich zum 30. April 2025 auf 214,6 Millionen US-Dollar.
Das Unternehmen schloss am 1. November 2024 die Übernahme von Nu Aire, Inc. ab und stärkte damit sein Portfolio an Laborausrüstungen. Für das gesamte Geschäftsjahr 2025 stiegen die Umsätze um 18 % auf 240,5 Millionen US-Dollar, mit einem Nettogewinn von 11,4 Millionen US-Dollar. Bereinigt um Akquisitionskosten lag das bereinigte verwässerte Ergebnis je Aktie für das Geschäftsjahr 2025 bei 5,37 US-Dollar im Vergleich zu 4,19 US-Dollar im Vorjahr.
Der Inlandssbereich zeigte mit einem Umsatzanstieg von 54,7 % im vierten Quartal eine besonders starke Leistung, während die Umsätze im internationalen Bereich um 3,9 % zunahmen. Das Unternehmen hält eine gesunde Finanzlage mit 17,2 Millionen US-Dollar in bar und einer Verschuldungsquote von 0,99 zu 1.
- Q4 sales increased 36.1% year-over-year to $77.1 million
- Full year 2025 sales grew 18% to $240.5 million
- Domestic segment Q4 sales surged 54.7% to $55.5 million
- Order backlog increased to $214.6 million from $155.6 million year-over-year
- Strategic acquisition of Nu Aire completed to strengthen market position
- Adjusted diluted EPS improved to $5.37 from $4.19 year-over-year
- Q4 net earnings decreased to $4.85 million from $11.03 million year-over-year
- Cash position decreased to $17.2 million from $25.9 million year-over-year
- International segment sales declined 8.2% for the full year
- Debt-to-equity ratio increased to 0.99-to-1 from 0.70-to-1 year-over-year
- Acquisition-related costs reduced pre-tax earnings by $6.04 million in FY2025
Insights
Strong Q4 with 36.1% sales growth; Nu Aire acquisition driving performance despite higher debt levels.
Kewaunee delivered exceptional Q4 FY2025 results with sales jumping
The November 2024 acquisition of Nu Aire is proving transformative, contributing significantly to the
Notably, the company maintains a robust order backlog of
For context, this quarter's results required several adjustments to provide meaningful comparisons, as both FY2024 and FY2025 contained non-recurring items. The FY2025 figures were adjusted for
The company's improving operational efficiency is evident in adjusted EBITDA margins, which expanded to
Fiscal Year 2025 Fourth Quarter Results
Sales during the fourth quarter of fiscal year 2025 were
The Company's order backlog was
Prior Year Quarter Non-Recurring Transactions:
During the fourth quarter of the previous fiscal year, two non-recurring transactions were recorded that impacted reported earnings and EBITDA which management believes should be considered when analyzing our financial results for the two most recent fiscal years. First, the Company successfully annuitized its pension obligation, which had been in a frozen state since 2005. Terminating the pension resulted in a one-time, non-cash expense and reduction to EBITDA in the quarter of
Excluding the two non-recurring transactions, prior year fourth quarter adjusted pre-tax earnings were
Current Quarter Adjustments for Professional and Other Fees Related to the Nu Aire Transaction, Integration, and Purchase Accounting:
Within the fourth quarter of fiscal year 2025, the Company continued to incur costs associated with the acquisition and integration of Nu Aire, Inc. ("Nu Aire") by Kewaunee Scientific Corporation on November 1, 2024. We believe communicating these impacts and reporting adjusted financial metrics for our fourth quarter fiscal year 2025 helps investors better understand our financial performance.
Acquisition, integration, and purchase accounting costs in the aggregate in the fourth quarter of fiscal year 2025 reduced pre-tax earnings by
After adjusting for these costs, adjusted pre-tax earnings for the quarter were
Fourth Quarter Segment Results and Discussion:
Domestic Segment - Domestic sales for the quarter were
International Segment - International sales for the quarter were
Corporate Segment - Corporate segment net loss was (
"Kewaunee again delivered another strong quarter, closing out fiscal year 2025 on a high note. Our team continues to embrace the momentum we have generated in the market, delivering on our commitments to our customers, which continues to result in Kewaunee being the preferred supplier of choice for customers looking to furnish laboratory spaces," said Thomas D. Hull, III, Kewaunee's President and Chief Executive Officer. "Our strategy to emphasize investments in our product portfolio and manufacturing assets while strengthening our dealer and distribution relationships continues to drive performance improvement."
Fiscal Year 2025 Full Year Results
Sales during fiscal year 2025 were
Prior Year Non-Recurring Transactions:
As discussed in the Company's fourth quarter results above, two non-recurring transactions were recorded in the prior year fourth quarter that impacted reported earnings and EBITDA. Excluding these two non-recurring prior year fourth quarter transactions, adjusted pre-tax earnings for the prior fiscal year were
Current Year Adjustments for Professional and Other Fees Related to the Nu Aire Transaction, Integration, and Purchase Accounting:
Kewaunee successfully completed the acquisition of Nu Aire on November 1, 2024, marking a significant milestone in our strategic growth initiatives. During the fiscal year, the Company incurred costs associated with the acquisition and integration of Nu Aire. Fiscal year results were also impacted by purchase accounting related to the write-up of various assets on Nu Aire's books. We believe that communicating these impacts and reporting adjusted financial metrics helps investors better understand our financial performance.
Acquisition, integration, and purchase accounting costs in the aggregate for fiscal year 2025 were a
After adjusting for these costs, adjusted pre-tax earnings for the fiscal year was
Fiscal Year Segment Results and Discussion:
Domestic Segment - Domestic sales for the fiscal year were
International Segment - International sales for the fiscal year were
Corporate Segment - Corporate segment net loss was (
Consolidated Working Capital Discussion:
Total cash on hand on April 30, 2025 was
The Company had short-term debt of
"Fiscal year 2025 was marked by exceptional performance from our Kewaunee team," said Thomas D. Hull III, Kewaunee's President and Chief Executive Officer. "The Company delivered excellent financial results and closed the year with a robust and healthy backlog. These results reflect the consistent execution and dedication of our global team. They are also a testament to the valuable support of our channel partners, who bring our solutions to customers across multiple end markets - customers who rely on Kewaunee's portfolio to advance their most critical priorities and create amazing laboratory spaces."
"While our industry has been facing a period of instability driven by geopolitical uncertainty, unclear tariff policies and ongoing supply chain disruptions, Kewaunee has responded with resilience. Kewaunee's culture is one of preparedness and a bias towards action which has enabled us to thrive in the midst of these uncertainties. We have a high performing culture and our teams view uncertainty as opportunity."
"We also have the best channel partners in the business, and our collaborative way of working together is producing results in the marketplace as we continue to win our fair share of projects across all markets we serve. This has never been more evident than in the consistent strength of our backlog in recent fiscal years with strength across most end-markets."
"In November of this past year, Kewaunee took a significant step forward in our growth journey with the acquisition of Nu Aire, Inc., a pioneer in laboratory equipment and biosafety solutions. This move was guided by a clear strategic intent: To bring together two market leaders with complementary strengths, shared values, and a common vision for the future of laboratory innovation. Nu Aire's future is bright and we have never been more excited about the opportunity for Nu Aire to transform the same way Kewaunee has over the past five years."
"As we look forward, we are not standing still and we expect to continue to grow both organically and inorganically. Our culture will continue to be a powerful force, fueling our ability to adapt, grow, and deliver lasting value for our customers, communities, partners, and shareholders. For business owners who care deeply about their legacy, their team, and the future of their company, Kewaunee offers more than capital - we offer stewardship, continuity, and a partner they can trust for the next chapter."
1 EBITDA, Adjusted EBITDA, adjusted net earnings, and adjusted net earnings per share are non-GAAP financial measures. See the tables below for a reconciliation of these non-GAAP measures to the most comparable GAAP measures. |
EBITDA and Segment EBITDA Reconciliation | ||||||||
Quarter Ended April 30, 2024 | Domestic | International | Corporate | Consolidated | ||||
Net Earnings (Loss) | $ 3,410 | $ 1,138 | $ 6,478 | $ 11,026 | ||||
Add/(Less): | ||||||||
Interest Expense | 550 | 23 | 13 | 586 | ||||
Interest Income | — | (211) | (124) | (335) | ||||
Income Taxes | 875 | 678 | (11,385) | (9,832) | ||||
Depreciation and Amortization | 671 | 106 | 43 | 820 | ||||
EBITDA | $ 5,506 | $ 1,734 | $ (4,975) | $ 2,265 | ||||
Pension Termination Costs | — | — | 4,019 | 4,019 | ||||
Adjusted EBITDA | $ 5,506 | $ 1,734 | $ (956) | $ 6,284 | ||||
Quarter Ended April 30, 2025 | Domestic | International | Corporate | Consolidated | ||||
Net Earnings (Loss) | $ 5,099 | $ 1,607 | $ (1,856) | $ 4,850 | ||||
Add/(Less): | ||||||||
Interest Expense | 316 | 5 | 842 | 1,163 | ||||
Interest Income | — | (113) | (6) | (119) | ||||
Income Taxes | 1,910 | 825 | (533) | 2,202 | ||||
Depreciation and Amortization | 1,430 | 103 | 42 | 1,575 | ||||
EBITDA | $ 8,755 | $ 2,427 | $ (1,511) | $ 9,671 | ||||
Professional and Other Fees2 | 514 | — | 136 | 650 | ||||
Adjusted EBITDA | $ 9,269 | $ 2,427 | $ (1,375) | $ 10,321 | ||||
Fiscal Year to Date April 30, 2024 | Domestic | International | Corporate | Consolidated | ||||
Net Earnings (Loss) | $ 11,808 | $ 3,055 | $ �� 3,890 | $ 18,753 | ||||
Add/(Less): | ||||||||
Interest Expense | 1,574 | 166 | 59 | 1,799 | ||||
Interest Income | — | (849) | (244) | (1,093) | ||||
Income Taxes | 3,240 | 2,935 | (12,113) | (5,938) | ||||
Depreciation and Amortization | 2,524 | 408 | 193 | 3,125 | ||||
EBITDA | $ 19,146 | 5,715 | $ (8,215) | $ 16,646 | ||||
Pension Termination Costs | — | — | 4,019 | 4,019 | ||||
Adjusted EBITDA | $ 19,146 | $ 5,715 | $ (4,196) | $ 20,665 | ||||
Fiscal Year to Date April 30, 2025 | Domestic | International | Corporate | Consolidated | ||||
Net Earnings (Loss) | $ 15,370 | $ 2,902 | $ (6,867) | $ 11,405 | ||||
Add/(Less): | ||||||||
Interest Expense | 1,492 | 71 | 1,651 | 3,214 | ||||
Interest Income | (1) | (550) | (416) | (967) | ||||
Income Taxes | 4,553 | 1,632 | (2,983) | 3,202 | ||||
Depreciation and Amortization | 4,166 | 420 | 173 | 4,759 | ||||
EBITDA | $ 25,580 | $ 4,475 | $ (8,442) | $ 21,613 | ||||
Professional and Other Fees3 | 1,526 | — | 3,389 | 4,915 | ||||
Adjusted EBITDA | $ 27,106 | $ 4,475 | $ (5,053) | $ 26,528 | ||||
2 Professional and other fees incurred during the three months ended April 30, 2025 related to the Company's acquisition of Nu Aire, Inc. ("Nu Aire"), which closed on November 1, 2024, and related purchase accounting |
3 Professional and other fees incurred during the twelve months ended April 30, 2025 related to the Company's acquisition of Nu Aire and related purchase accounting |
Adjusted Consolidated Statement of Operations Reconciliation | ||||
Three Months Ended April 30, | ||||
As Reported | Professional | Adjusted | Adjusted | |
Net sales | $ 77,148 | $ — | $ 77,148 | $ 56,702 |
Cost of products sold | 53,110 | 686 | 52,424 | 42,062 |
Gross profit | 24,038 | 686 | 24,724 | 14,640 |
Operating expenses | 15,538 | 572 | 14,966 | 9,082 |
Operating profit | 8,500 | 1,258 | 9,758 | 5,558 |
Pension expense | — | — | — | (36) |
Other (expense) income, net | (188) | — | (188) | 430 |
Interest expense | (1,163) | — | (1,163) | (586) |
Profit (loss) before income taxes | 7,149 | 1,258 | 8,407 | 5,366 |
Income tax expense (benefit) | 2,202 | 294 | 2,496 | 621 |
Net earnings (loss) | 4,947 | 964 | 5,911 | 4,745 |
Less: Net earnings attributable to the non-controlling interest | 97 | — | 97 | 153 |
Net earnings (loss) attributable to Kewaunee Scientific Corporation | $ 4,850 | $ 964 | $ 5,814 | $ 4,592 |
Net earnings (loss) per share attributable to Kewaunee Scientific Corporation stockholders | ||||
Basic | $ 1.70 | $ 0.34 | $ 2.04 | $ 1.61 |
Diluted | $ 1.63 | $ 0.32 | $ 1.95 | $ 1.55 |
Twelve Months Ended April 30, | ||||
As Reported | Professional | Adjusted | Adjusted | |
Net sales | $ 240,472 | $ — | $ 240,472 | $ 203,755 |
Cost of products sold | 171,615 | 1,540 | 170,075 | 151,704 |
Gross profit | 68,857 | 1,540 | 70,397 | 52,051 |
Operating expenses | 51,098 | 4,178 | 46,920 | 33,770 |
Operating profit | 17,759 | 5,718 | 23,477 | 18,281 |
Pension expense | — | — | — | (158) |
Other income, net | 240 | 324 | 564 | 814 |
Interest expense | (3,214) | — | (3,214) | (1,799) |
Profit (loss) before income taxes | 14,785 | 6,042 | 20,827 | 17,138 |
Income tax expense (benefit) | 3,202 | 1,455 | 4,657 | 4,515 |
Net earnings (loss) | 11,583 | 4,587 | 16,170 | 12,623 |
Less: Net earnings attributable to the non-controlling interest | 178 | — | 178 | 304 |
Net earnings (loss) attributable to Kewaunee Scientific Corporation | $ 11,405 | $ 4,587 | $ 15,992 | $ 12,319 |
Net earnings (loss) per share attributable to Kewaunee Scientific Corporation stockholders | ||||
Basic | $ 3.98 | $ 1.60 | $ 5.59 | $ 4.28 |
Diluted | $ 3.83 | $ 1.54 | $ 5.37 | $ 4.19 |
4 Professional and other fees incurred during the three months ended April 30, 2025 related to the Company's acquisition of Nu Aire and related purchase accounting, including the estimated tax impact |
5 Professional and other fees incurred during the twelve months ended April 30, 2025 related to the Company's acquisition of Nu Aire and related purchase accounting and costs incurred related to the early termination of the Company's Revolving Credit Facility, including the estimated tax impact of both transactions |
About Non-GAAP Measures
The Company includes non-GAAP financial measures such as adjusted net earnings and adjusted net earnings per share, in the information provided with this press release as supplemental information relating to its operating results. Adjusted net earnings represents GAAP net earnings adjusted for professional and other fees related to the acquisition of Nu Aire, Inc. and the corresponding tax impact in fiscal year 2025 and GAAP net earnings adjusted for net pension settlement expenses and the impact of a valuation allowance release in fiscal year 2024. This financial information is not in accordance with, or an alternative for, GAAP-compliant financial information and may be different from the operating or non-GAAP financial information used by other companies. The Company believes that this presentation of adjusted net earnings and adjusted net earnings per share provides useful information to investors regarding certain additional financial and business trends relating to its financial condition and results of operations.
EBITDA and Segment EBITDA are calculated as net earnings (loss), less interest expense and interest income, income taxes, depreciation, and amortization. Adjusted EBITDA and Adjusted Segment EBITDA are calculated as EBITDA or Segment EBITDA less the impact of the one-time costs incurred for professional and other fees related to the acquisition of Nu Aire, Inc. during FY25 or the pension termination enacted during FY24, as discussed in more detail above. We believe EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA allow management and investors to compare our performance to other companies on a consistent basis without regard to depreciation and amortization or the costs incurred related to the acquisition of Nu Aire, Inc. during fiscal year 2025 or our one-time pension termination transaction executed during fiscal year 2024, which can vary significantly between companies depending upon many factors. EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA are not calculations based upon generally accepted accounting principles, and the method for calculating EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA can vary among companies. The amounts included in the EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA calculations, however, are derived from amounts included in the historical consolidated statements of operations. EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA should not be considered as alternatives to net earnings (loss) or operating earnings (loss) as an indicator of the Company's operating performance, or as an alternative to operating cash flows as a measure of liquidity.
About Kewaunee Scientific
Founded in 1906, Kewaunee Scientific Corporation is a recognized global leader in the design, manufacture, and installation of laboratory, healthcare, and technical furniture products. The Company's products include steel and wood casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin work surfaces and sinks. The Company's corporate headquarters are located in
Kewaunee Scientific's newly acquired subsidiary, Nu Aire, is a leading manufacturer of biological safety cabinets, CO2 incubators, ultralow freezers, and other essential laboratory products that complement the Kewaunee Scientific portfolio. Founded in 1971, Nu Aire's headquarters and manufacturing facilities are located in
Learn more at the companies' websites, located at http://www.kewaunee.com and http://www.nuaire.com/.
This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors that could significantly impact results or achievements expressed or implied by such forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to: our ability to realize the benefits anticipated as a result of the Nu Aire acquisition; competitive and general economic conditions, including disruptions from government mandates, both domestically and internationally, as well as supplier constraints and other supply disruptions; changes in customer demands; technological changes in our operations or in our industry; dependence on customers' required delivery schedules; risks related to fluctuations in the Company's operating results from quarter to quarter; risks related to international operations, including foreign currency fluctuations; changes in the legal and regulatory environment; changes in raw materials and commodity costs; acts of terrorism, war, governmental action, and natural disasters and other Force Majeure events. The cautionary statements made pursuant to the Reform Act herein and elsewhere by us should not be construed as exhaustive. We cannot always predict what factors would cause actual results to differ materially from those indicated by the forward-looking statements. Over time, our actual results, performance, or achievements will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, and such difference might be significant and harmful to our stockholders' interest. Many important factors that could cause such a difference are described under the caption "Risk Factors," in Item 1A of our Annual Report on Form 10-K for the most recent fiscal year ended April 30, which you should review carefully, and in our subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. These reports are available on our investor relations website at www.kewaunee.com and on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Kewaunee Scientific Corporation Condensed Consolidated Statements of Operations ($ and shares in thousands, except per share amounts) | |||||||
Three Months Ended | Twelve Months Ended | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net sales | $ 77,148 | $ 56,702 | $ 240,472 | $ 203,755 | |||
Cost of products sold | 53,110 | 42,062 | 171,615 | 151,704 | |||
Gross profit | 24,038 | 14,640 | 68,857 | 52,051 | |||
Operating expenses | 15,538 | 9,082 | 51,098 | 33,770 | |||
Operating profit | 8,500 | 5,558 | 17,759 | 18,281 | |||
Pension expense | — | (4,055) | — | (4,177) | |||
Other (expense) income, net | (188) | 430 | 240 | 814 | |||
Interest expense | (1,163) | (586) | (3,214) | (1,799) | |||
Profit before income taxes | 7,149 | 1,347 | 14,785 | 13,119 | |||
Income tax expense (benefit) | 2,202 | (9,832) | 3,202 | (5,938) | |||
Net earnings | 4,947 | 11,179 | 11,583 | 19,057 | |||
Less: Net earnings attributable to the non-controlling interest | 97 | 153 | 178 | 304 | |||
Net earnings attributable to Kewaunee Scientific Corporation | $ 4,850 | $ 11,026 | $ 11,405 | $ 18,753 | |||
Net earnings per share attributable to Kewaunee Scientific Corporation | |||||||
Basic | $ 1.70 | $ 3.86 | $ 3.98 | $ 6.51 | |||
Diluted | $ 1.63 | $ 3.71 | $ 3.83 | $ 6.38 | |||
Weighted average number of common shares outstanding | |||||||
Basic | 2,854 | 2,858 | 2,862 | 2,879 | |||
Diluted | 2,981 | 2,972 | 2,979 | 2,938 | |||
Kewaunee Scientific Corporation Condensed Consolidated Balance Sheets ($ in thousands) | |||
April 30, 2025 | April 30, 2024 | ||
Assets | |||
Cash and cash equivalents | $ 14,942 | $ 23,267 | |
Restricted cash | 2,222 | 2,671 | |
Receivables, less allowances | 62,384 | 45,064 | |
Inventories | 32,849 | 20,679 | |
Prepaid expenses and other current assets | 5,966 | 5,136 | |
Total Current Assets | 118,363 | 96,817 | |
Net Property, Plant and Equipment | 23,174 | 17,649 | |
Right of use assets | 12,965 | 7,454 | |
Deferred income taxes | 3,994 | 7,401 | |
Intangible assets, net | 17,831 | — | |
Goodwill | 12,487 | — | |
Other assets | 5,840 | 5,445 | |
Total Assets | $ 194,654 | $ 134,766 | |
Liabilities and Stockholders' Equity | |||
Short-term borrowings | $ 986 | $ 3,099 | |
Current portion of term loan | 2,903 | — | |
Current portion of lease obligations | 3,371 | 2,234 | |
Current portion of financing liability | 788 | 713 | |
Accounts payable | 27,033 | 23,262 | |
Other Current Liabilities | 18,631 | 11,472 | |
Total Current Liabilities | 53,712 | 40,780 | |
Long-term portion of lease obligations | 8,946 | 5,669 | |
Long-term portion of financing liability | 26,632 | 27,420 | |
Long-term portion of seller note | 23,537 | — | |
Long-term portion of term loan | 10,412 | — | |
Other non-current liabilities | 5,170 | 4,688 | |
Total Liabilities | 128,409 | 78,557 | |
Commitments and Contingencies | |||
Stockholders' Equity: | |||
Kewaunee Scientific Corporation Equity | 64,457 | 54,760 | |
Non-controlling interest | 1,788 | 1,449 | |
Total Stockholders' Equity | 66,245 | 56,209 | |
Total Liabilities and Stockholders' Equity | $ 194,654 | $ 134,766 | |
Contact: | Donald T. Gardner III |
704/871-3274 |
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SOURCE Kewaunee Scientific Corporation
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