Mixed Q3 2026 results for Kewaunee Scientific (NASDAQ: KEQU)

Rhea-AI Filing Summary

Kewaunee Scientific Corporation reported mixed results for its third quarter ended January 31, 2026. Sales were $69.4 million, up 3.3% from $67.2 million a year earlier, and consolidated EBITDA was $3.8 million, slightly above $3.7 million.

Despite higher sales, net earnings attributable to Kewaunee fell to $0.7 million, down from $1.4 million, with diluted EPS declining to $0.23 from $0.45. Domestic sales decreased 2.0%, while international sales grew 21.4%, lifting international segment EBITDA to $2.0 million from $0.8 million.

The order backlog was $183.2 million versus $221.6 million a year earlier, reflecting softer construction-related activity. The company reduced long-term debt from $60.7 million on April 30, 2025, to $42.3 million, improving its debt-to-equity ratio to 0.68-to-1 from 0.99-to-1 as it continues integrating the Nu Aire acquisition and investing in its corporate platform.

Insights

Equity research analyst

Q3 shows modest growth, weaker EPS, and a cleaner balance sheet.

Kewaunee Scientific delivered 3.3% sales growth to $69.399M, but net earnings attributable to the company dropped to $0.692M as diluted EPS fell to $0.23. Margin pressure in the domestic construction-related business offset stronger international performance.

International sales rose 21.4% to $18.446M, with segment EBITDA jumping to $1.963M. Conversely, domestic EBITDA slipped to $4.096M, and backlog declined to $183.2M from $221.6M, indicating softer future project activity, particularly in lab construction.

The balance sheet improved: long-term debt decreased to $42.316M from $60.730M, and the debt-to-equity ratio fell to 0.68-to-1. Integration and other professional fees tied to the Nu Aire acquisition impacted GAAP earnings, and adjusted metrics isolate these one-time costs to highlight underlying operating performance.

KEWAUNEE SCIENTIFIC CORP /DE/FALSE000005552900000555292026-03-112026-03-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 11, 2026

Kewaunee Scientific Corporation

(Exact name of registrant as specified in its charter)

Delaware

0-5286

38-0715562

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(IRS Employer Identification No.)

2700 West Front Street

Statesville, NC 28677

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (704) 873-7202

N/A

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $2.50 par value

KEQU

The Nasdaq Global Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On March 11, 2026, Kewaunee Scientific Corporation issued a press release announcing its financial results for the third quarter of fiscal year 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.						Description
99.1						Press Release of Kewaunee Scientific Corporation dated March 11, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

						KEWAUNEE SCIENTIFIC CORPORATION                              (Registrant)
Date: March 11, 2026						By			/s/ Donald T. Gardner III
									Donald T. Gardner III
									Vice President, Finance
									Chief Financial Officer

Kewaunee Scientific Reports

Results for Third Quarter of Fiscal Year 2026

Exchange:    NASDAQ (KEQU)                Contact:    Donald T. Gardner III

                                    704/871-3274

STATESVILLE, N.C. March 11, 2026 – PRNewswire / Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its third quarter ended January 31, 2026.

Fiscal Year 2026 Third Quarter Results:

Sales during the third quarter of fiscal year 2026 were $69,399,000, an increase of 3.3% compared to sales of $67,167,000 from the prior year's third quarter. Pre-tax earnings for the quarter were $1,604,000 compared to $1,275,000 for the prior year quarter, an increase of 25.8%. Net earnings were $692,000 compared to net earnings of $1,354,000 for the prior year quarter. EBITDA1 for the quarter was $3,795,000 compared to $3,734,000 for the prior year quarter. Diluted earnings per share were $0.23 compared to diluted earnings per share of $0.45 in the prior year quarter.

The Company’s order backlog was $183.2 million on January 31, 2026, as compared to $221.6 million on January 31, 2025, and $214.6 million on April 30, 2025.

Domestic Segment - Domestic sales for the quarter were $50,953,000, a decrease of 2.0% from sales of $51,976,000 in the prior year quarter. Domestic segment net earnings were $2,290,000 compared to $2,876,000 in the prior year quarter. Domestic segment EBITDA was $4,096,000 compared to $5,249,000 for the prior year quarter. Segment profitability was impacted during the period by lower manufacturing volumes across the laboratory construction portion of the business.

International Segment - International sales for the quarter were $18,446,000, an increase of 21.4% from sales of $15,191,000 in the prior year quarter. International segment net earnings were $1,256,000 compared to $476,000 in the prior year quarter. International segment EBITDA was $1,963,000 compared to $760,000 for the prior year quarter. International profitability increased when compared to the prior year period due to higher billings, principally in the Indian market.

Corporate Segment – Corporate segment pre-tax net loss was $3,059,000 for the quarter, as compared to a pre-tax net loss of $3,025,000 in the prior year quarter. Corporate segment EBITDA for the quarter was ($2,264,000) compared to corporate segment EBITDA of ($2,275,000) for the prior year quarter. Corporate segment EBITDA remained relatively flat as the Company continues to make strategic investments in people, processes, and technology to further build out its Corporate platform and support continued growth.

1 EBITDA is a non-GAAP financial measure. See the table below for a reconciliation of EBITDA and segment EBITDA to net earnings (loss), the most directly comparable GAAP measure.

CORPORATE OFFICES ● P. O. BOX 1842, STATESVILLE, NORTH CAROLINA 28687-1842 ● 2700 WEST FRONT STREET, STATESVILLE, NORTH CAROLINA 28677-2927

PHONE 704-873-7202 ● FAX 704-873-1275

Total cash on hand on January 31, 2026, was $10,347,000, as compared to $17,164,000 on April 30, 2025. Working capital was $54,793,000, as compared to $58,441,000 at the end of the third quarter last year and $64,651,000 on April 30, 2025.

The Company had short-term debt of $7,351,000 as of January 31, 2026, as compared to $4,773,000 on April 30, 2025. Long-term debt was $42,316,000 on January 31, 2026, as compared to $60,730,000 on April 30, 2025. The building lease from the Company's December 2021 sale-leaseback transaction accounts for $25,988,000 of the long-term debt on January 31, 2026, and $26,632,000 of the long-term debt on April 30, 2025. Long-term debt, net of the sale-leaseback transaction, was $16,328,000 on January 31, 2026, as compared to $34,098,000 on April 30, 2025. The Company’s debt-to-equity ratio on January 31, 2026, was 0.68-to-1, as compared to 0.99-to-1 on April 30, 2025. The Company's debt-to-equity ratio, net of the sale-leaseback transaction, on January 31, 2026, was 0.31-to-1, as compared to 0.57-to-1 on April 30, 2025.

"Following the successful turnaround of the business, we embarked on a strategy that accelerated inorganic growth, which led to the successful completion of the Company's acquisition of Nu Aire," said Thomas D. Hull III, Kewaunee's President and Chief Executive Officer. "Since then, our teams have worked diligently to integrate Nu Aire into the Kewaunee family and position the business for meaningful growth and EBITDA contribution. We have also continued to invest in our corporate platform to support the next phase of our inorganic growth strategy. These investments include strengthening our corporate team, implementing a robust financial consolidation system, and enhancing our readiness to comply with the SEC's accelerated reporting requirements."

"As is traditionally the case," Hull continued, "our third quarter results often represent our softest quarter due to the impact of the holiday schedule in the United States, a general slowdown of construction schedules in the winter months, and customers looking to wrap up any construction projects before the calendar year-end. This trend was further exacerbated by significant geopolitical and economic uncertainty, and by the volatility in project delivery timelines that we have previously discussed. Although the construction-related portion of our business has been soft this fiscal year, the addition of Nu Aire's end-user containment products has helped offset that softness. This dynamic validates our growth and diversification strategy and underscores the strength and resilience of our now broader laboratory products portfolio."

"I am proud of how our team has responded to a year of challenging global dynamics. That our company was still able to deliver year-over-year growth on an as-reported basis underscores the value of our strategy and our commitment to long-term value creation."

EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA Reconciliation

(Unaudited)

($ in thousands)

Quarter Ended January 31, 2025						Domestic						International						Corporate						Consolidated
Net Earnings (Loss)						$	2,876					$	476					$	(1,998)					$	1,354
Add/(Less):
Interest Expense						322						26						789						1,137
Interest Income						(1)						(130)						(81)						(212)
Income Taxes						638						281						(1,027)						(108)
Depreciation and Amortization						1,414						107						42						1,563
EBITDA						$	5,249					$	760					$	(2,275)					$	3,734
Professional Fees2						1,012						—						982						1,994
Adjusted EBITDA						$	6,261					$	760					$	(1,293)					$	5,728
Quarter Ended January 31, 2026						Domestic						International						Corporate						Consolidated
Net Earnings (Loss)						$	2,290					$	1,256					$	(2,854)					$	692
Add/(Less):
Interest Expense						307						16						789						1,112
Interest Income						(2)						(117)						(15)						(134)
Income Taxes						22						711						(205)						528
Depreciation and Amortization						1,479						97						21						1,597
EBITDA						$	4,096					$	1,963					$	(2,264)					$	3,795
Professional & Other Fees3						—						—						189						189
Adjusted EBITDA						$	4,096					$	1,963					$	(2,075)					$	3,984
Year to Date January 31, 2025						Domestic						International						Corporate						Consolidated
Net Earnings (Loss)						$	10,271					$	1,295					$	(5,011)					$	6,555
Add/(Less):
Interest Expense						1,176						66						809						2,051
Interest Income						(1)						(437)						(410)						(848)
Income Taxes						2,643						807						(2,450)						1,000
Depreciation and Amortization						2,736						317						131						3,184
EBITDA						$	16,825					$	2,048					$	(6,931)					$	11,942
Professional & Other Fees2						1,012						—						3,253						4,265
Adjusted EBITDA						$	17,837					$	2,048					$	(3,678)					$	16,207
Year to Date January 31, 2026						Domestic						International						Corporate						Consolidated
Net Earnings (Loss)						$	10,609					$	2,540					$	(6,919)					$	6,230
Add/(Less):
Interest Expense						931						39						2,261						3,231
Interest Income						(4)						(428)						(54)						(486)
Income Taxes						2,482						1,435						(1,713)						2,204
Depreciation and Amortization						4,366						292						68						4,726
EBITDA						$	18,384					$	3,878					$	(6,357)					$	15,905
Professional & Other Fees3						—						—						763						763
Adjusted EBITDA						$	18,384					$	3,878					$	(5,594)					$	16,668

2 Professional and other fees incurred during the three and nine months ended January 31, 2025 related to the Company's acquisition of Nu Aire, Inc. ("Nu Aire"), which closed on November 1, 2024

3 Professional and other fees incurred during the three and nine months ended January 31, 2026 related to the Company's integration of its newly acquired subsidiary, Nu Aire

Adjusted Consolidated Statement of Operations Reconciliation

(Unaudited)

($ in thousands, except per share amounts)

			Three Months Ended January 31,
			As Reported 2026						Professional & Other Fees4						Adjusted 2026						Adjusted 2025
Net sales			$	69,399					$	—					$	69,399					$	67,167
Cost of products sold			50,854						—						50,854						47,934
Gross profit			18,545						—						18,545						19,233
Operating expenses			15,963						189						15,774						14,469
Operating profit			2,582						189						2,771						4,764
Other income, net			134						—						134						162
Interest expense			(1,112)						—						(1,112)						(1,137)
Profit before income taxes			1,604						189						1,793						3,789
Income tax (benefit) expense			528						44						572						502
Net earnings			1,076						145						1,221						3,287
Less: Net earnings attributable to the non-controlling interest			384						—						384						29
Net earnings attributable to Kewaunee Scientific Corporation			$	692					$	145					$	837					$	3,258
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders
Basic			$	0.24					$	0.05					$	0.29					$	1.13
Diluted			$	0.23					$	0.05					$	0.28					$	1.09

			Nine Months Ended January 31,
			As Reported 2026						Professional & Other Fees4						Adjusted 2026						Adjusted 2025
Net sales			$	210,599					$	—					$	210,599					$	163,324
Cost of products sold			151,404						—						151,404						117,651
Gross profit			59,195						—						59,195						45,673
Operating expenses			47,696						763						46,933						31,954
Operating profit			11,499						763						12,262						13,719
Other income, net			709						—						709						752
Interest expense			(3,231)						—						(3,231)						(2,051)
Profit before income taxes			8,977						763						9,740						12,420
Income tax (benefit) expense			2,204						174						2,378						2,161
Net earnings			6,773						589						7,362						10,259
Less: Net earnings attributable to the non-controlling interest			543						—						543						81
Net earnings attributable to Kewaunee Scientific Corporation			$	6,230					$	589					$	6,819					$	10,178
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders
Basic			$	2.18					$	0.21					$	2.38					$	3.55
Diluted			$	2.09					$	0.20					$	2.29					$	3.42

4 Professional and other fees incurred during the three and nine months ended January 31, 2026 related to the Company's integration of its newly acquired subsidiary, Nu Aire, including the estimated tax impact

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 integration of the Company's newly acquired subsidiary, Nu Aire, Inc., and the corresponding tax impact. 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 professional and other fees related to the Company's integration of its newly acquired subsidiary, Nu Aire, Inc., 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 interest expense and interest income, income taxes, depreciation, amortization or the costs incurred related to the integration of Nu Aire, Inc., 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 Statesville, North Carolina. Sales offices are located in the United States, India, Saudi Arabia, and Singapore. Three manufacturing facilities are located in Statesville serving the domestic and international markets, and one manufacturing facility is located in Bangalore, India serving the local, Asian, and African markets. 

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 Plymouth, Minnesota, with additional manufacturing capabilities located in Long Lake, Minnesota. The Company also maintains a warehouse partnership in the Netherlands and OEM partnerships in China.

Learn more at the companies' websites, located at https://www.kewaunee.com and https://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 fiscal year ended April 30, 2025, 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

(Unaudited)

($ and shares in thousands, except per share amounts)

			Three Months Ended January 31,												Nine Months Ended January 31,
			2026						2025						2026						2025
Net sales			$	69,399					$	67,167					$	210,599					$	163,324
Cost of products sold			50,854						48,788						151,404						118,505
Gross profit			18,545						18,379						59,195						44,819
Operating expenses			15,963						16,129						47,696						35,560
Operating profit			2,582						2,250						11,499						9,259
Other income, net			134						162						709						428
Interest expense			(1,112)						(1,137)						(3,231)						(2,051)
Profit before income taxes			1,604						1,275						8,977						7,636
Income tax expense (benefit)			528						(108)						2,204						1,000
Net earnings			1,076						1,383						6,773						6,636
Less: Net earnings attributable to the non-controlling interest			384						29						543						81
Net earnings attributable to Kewaunee Scientific Corporation			$	692					$	1,354					$	6,230					$	6,555
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders
Basic			$	0.24					$	0.47					$	2.18					$	2.29
Diluted			$	0.23					$	0.45					$	2.09					$	2.20
Weighted average number of common shares outstanding
Basic			2,866						2,872						2,861						2,864
Diluted			2,983						2,995						2,979						2,979

Kewaunee Scientific Corporation

Condensed Consolidated Balance Sheets

($ in thousands)

			January 31, 2026						April 30, 2025
			(Unaudited)
Assets
Cash and cash equivalents			$	8,153					$	14,942
Restricted cash			2,194						2,222
Receivables, less allowances			54,131						62,384
Inventories			32,907						32,849
Prepaid expenses and other current assets			6,193						5,966
Total Current Assets			103,578						118,363
Net property, plant and equipment			22,610						23,174
Right of use assets			10,449						12,965
Deferred income taxes			3,570						3,994
Net intangible assets			16,679						17,831
Goodwill			12,487						12,487
Other assets			6,588						5,840
Total Assets			$	175,961					$	194,654
Liabilities and Stockholders' Equity
Short-term borrowings			$	1,542					$	986
Current portion of lease obligations			3,248						3,371
Current portion of financing liability			847						788
Current portion of term loans			4,893						2,903
Accounts payable			23,641						27,033
Other current liabilities			14,614						18,631
Total Current Liabilities			48,785						53,712
Long-term portion of lease obligations			6,796						8,946
Long-term portion of financing liability			25,988						26,632
Long-term portion of seller note			—						23,537
Long-term portion of term loans			16,028						10,412
Other non-current liabilities			5,836						5,170
Total Liabilities			103,433						128,409
Kewaunee Scientific Corporation Equity			70,675						64,457
Non-controlling interest			1,853						1,788
Total Stockholders' Equity			72,528						66,245
Total Liabilities and Stockholders' Equity			$	175,961					$	194,654

FAQ

How did Kewaunee Scientific (KEQU) perform in Q3 fiscal 2026?

Kewaunee Scientific reported Q3 fiscal 2026 sales of $69.4 million, up 3.3% year over year. Net earnings attributable to the company were $0.7 million, down from $1.4 million, with diluted EPS declining to $0.23 from $0.45 in the prior-year quarter.

What were Kewaunee Scientific’s segment results for Q3 fiscal 2026?

Domestic sales were $51.0 million, down 2.0%, with domestic EBITDA at $4.1 million. International sales rose to $18.4 million, up 21.4%, and international EBITDA increased to $2.0 million. Corporate segment EBITDA was a loss of $2.3 million, roughly flat year over year.

How did Kewaunee Scientific’s backlog change as of January 31, 2026?

The company’s order backlog was $183.2 million at January 31, 2026. This compares with $221.6 million at January 31, 2025, and $214.6 million at April 30, 2025, indicating a notable year-over-year and sequential decline in booked but not yet recognized project revenue.

What is Kewaunee Scientific’s debt and leverage position after Q3 fiscal 2026?

As of January 31, 2026, Kewaunee Scientific had $7.4 million in short-term debt and $42.3 million in long-term debt. The debt-to-equity ratio improved to 0.68-to-1, down from 0.99-to-1 at April 30, 2025, reflecting substantial deleveraging.

How did the Nu Aire acquisition affect Kewaunee Scientific’s Q3 results?

The Nu Aire acquisition contributed additional end-user containment product sales and required professional and other fees related to integration. These fees are excluded from adjusted EBITDA and adjusted net earnings measures, which management uses to highlight underlying operational performance without one-time integration costs.

What were Kewaunee Scientific’s nine-month fiscal 2026 results?

For the nine months ended January 31, 2026, net sales were $210.6 million versus $163.3 million a year earlier. Net earnings attributable to Kewaunee were $6.2 million compared with $6.6 million, with diluted EPS of $2.09 versus $2.20 in the prior-year period.

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