Welcome to our dedicated page for Kewaunee Scienti news (Ticker: KEQU), a resource for investors and traders seeking the latest updates and insights on Kewaunee Scienti stock.
Kewaunee Scientific Corporation (NASDAQ: KEQU) is a manufacturing company specializing in the design, manufacture, and installation of laboratory, healthcare, and technical furniture products. This news page aggregates company announcements, earnings releases, and other disclosures so readers can follow developments that affect KEQU stock and Kewaunee’s operations.
Recent news has focused on quarterly and annual financial results, where Kewaunee reports performance for its domestic, international, and corporate segments and discusses trends in sales, profitability, and order backlog. The company also provides updates on non-GAAP metrics such as EBITDA, Segment EBITDA, Adjusted EBITDA, and adjusted net earnings, including the impact of acquisition and integration costs related to NuAire.
Investors and observers can also find coverage of capital structure and financing actions, including debt refinancing, early repayment of seller notes associated with the NuAire acquisition, and amendments to loan agreements. In addition, Kewaunee issues news about share repurchase program amendments and its approach to capital allocation.
Corporate governance and strategic matters appear in items such as board appointments, proxy-related communications, and disclosures about strategic investments in people, processes, and technology at the corporate level. Operational and commercial updates include participation in industry events like the Arablab Live trade show and information about Kewaunee’s global footprint, including its manufacturing facilities in Statesville, North Carolina and Bangalore, India and its sales offices in multiple countries.
By reviewing the KEQU news feed on this page, readers can track how Kewaunee communicates about its financial performance, acquisitions, international activities, and corporate initiatives over time.
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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.
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.