Kewaunee Scienti Stock Price, News & Analysis

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.

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.