Kewaunee Q1 sales down 6.7%, EPS drops to $0.58
Kewaunee Scientific’s fiscal Q1 2027 sales and earnings declined, while backlog and leverage metrics showed modest improvement and international margins strengthened.
Rhea-AI Filing Summary
Kewaunee Scientific Corporation (KEQU) reported softer results for the first quarter of fiscal 2027 ended July 31, 2026, with net sales of $66.3 million, down 6.7% from $71.1 million a year earlier. Net earnings attributable to the company were $1.7 million versus $3.1 million, and diluted EPS declined to $0.58 from $1.04. Consolidated EBITDA fell to $4.5 million from $6.3 million.
The Lab Products Group segment delivered sales of $50.9 million (down 6.4%), with segment net earnings of $3.9 million and EBITDA of $6.6 million, as cost controls and efficiencies helped offset lower life sciences volumes. International segment sales were $15.5 million (down 7.8%), but segment net earnings rose 23.5% to $0.8 million and segment EBITDA increased 13.9% to $1.2 million on a higher-margin project mix.
Order backlog increased sequentially to $169.0 million at July 31, 2026 from $165.9 million at April 30, 2026, though it remained below $205.0 million a year earlier. Long-term debt, excluding the sale-leaseback financing obligation, declined to $13.8 million from $15.1 million at April 30, 2026, and the debt-to-equity ratio improved slightly. Corporate results were pressured by non-recurring compensation expense from settling specific long-term incentive awards in cash rather than shares.
Positive
- Backlog rose sequentially to $169.0 million from $165.9 million, supporting future revenue visibility despite a year-over-year decline.
- International segment profitability improved with net earnings up 23.5% and segment EBITDA up 13.9% on a higher-margin project mix.
- Leverage modestly improved, with long-term debt excluding sale-leaseback down to $13.8 million and the debt-to-equity ratio easing to 0.59-to-1.
Negative
- Net sales declined 6.7% year over year to $66.3 million, reflecting softer demand or delayed project activity.
- Profitability weakened materially, with pre-tax earnings down 34.7%, net earnings almost halved, and EBITDA dropping from $6.3 million to $4.5 million.
- Backlog fell year over year to $169.0 million from $205.0 million, indicating a smaller pipeline versus the prior-year quarter.
Filing Explained
The quarter-end liquidity snapshot was
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net sales: $66.3 million
Net earnings attributable to Kewaunee Scientific: $1.7 million
Diluted EPS: $0.58
+5 more
8 metrics
Net sales
$66.3 million
Quarter ended July 31, 2026, down 6.7% from $71.1 million in prior-year quarter
Net earnings attributable to Kewaunee Scientific
$1.7 million
Quarter ended July 31, 2026, versus $3.1 million in prior-year quarter
Diluted EPS
$0.58
Quarter ended July 31, 2026, compared with $1.04 a year earlier
Consolidated EBITDA
$4.5 million
Quarter ended July 31, 2026, versus $6.3 million in prior-year quarter
Order backlog
$169.0 million
As of July 31, 2026; $165.9 million on April 30, 2026 and $205.0 million on July 31, 2025
Long-term debt excluding sale-leaseback
$13.8 million
As of July 31, 2026, down from $15.1 million on April 30, 2026
Lab Products Group sales
$50.9 million
Quarter ended July 31, 2026, down 6.4% from $54.4 million a year earlier
International segment net earnings
$0.8 million
Quarter ended July 31, 2026, up 23.5% from $0.6 million in prior-year quarter
Key Terms
EBITDA, Segment EBITDA, sale-leaseback financing obligation, non-controlling interest, +2 more
6 terms
EBITDA financial
"EBITDA1 for the quarter was $4,525,000 compared to $6,320,000"
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
Segment EBITDA financial
"International segment net earnings increased 23.5% and segment EBITDA increased 13.9%"
Segment EBITDA measures how much profit a specific part of a company generates from its core operations, before accounting for interest, taxes and long-term accounting items like depreciation and amortization. Investors use it like inspecting a single slice of a pie to compare which business units are most profitable, track performance trends, and decide where to allocate capital because it highlights underlying operating results without financing or accounting differences.
sale-leaseback financing obligation financial
"Long-term debt, excluding the Company's sale-leaseback financing obligation, declined to $13.8 million"
non-controlling interest financial
"Less: Net earnings attributable to the non-controlling interest"
Non-controlling interest represents the portion of ownership in a company held by investors who do not have a controlling stake, meaning they do not have enough voting power to make major decisions. It is similar to owning a minority share of a business partner’s company—while they benefit from profits, they cannot control how the company is run. This matters to investors because it shows how much of the company's value is owned by outside shareholders and affects overall financial reporting.
debt-to-equity ratio financial
"The Company’s debt-to-equity ratio on July 31, 2026, was 0.59-to-1"
Debt-to-equity ratio shows how much a company relies on borrowed money compared with the owners’ funds; think of it as the amount of debt owed for every dollar of owner’s savings. Investors use it to judge financial risk and flexibility — a higher number means more borrowing and potentially greater interest burden or vulnerability in downturns, while a lower number suggests a more conservative, less risky balance sheet.
forward-looking statements regulatory
"This press release contains statements that the Company believes to be "forward-looking statements""
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Earnings Snapshot
Net sales: $66.3 million
Quarter ended July 31, 2026
Net sales
$66.3 million
Decreased 6.7% from $71.1 million in the prior-year quarter
Net earnings attributable to Kewaunee Scientific
$1.7 million
Down from $3.1 million in the prior-year quarter
Diluted EPS
$0.58
Down from $1.04 in the prior-year quarter
Consolidated EBITDA
$4.5 million
Down from $6.3 million in the prior-year quarter
Order backlog
$169.0 million
Up from $165.9 million on April 30, 2026; down from $205.0 million a year earlier
FAQ
How did KEQU’s fiscal Q1 2027 revenue compare to last year?
Kewaunee Scientific reported net sales of $66.3 million for fiscal Q1 2027, a 6.7% decrease from $71.1 million in the prior-year quarter, reflecting lower volumes in both the Lab Products Group and International segments.
What were KEQU’s earnings and EPS for fiscal Q1 2027?
Net earnings attributable to Kewaunee Scientific were $1.7 million for fiscal Q1 2027, down from $3.1 million a year earlier. Diluted EPS was $0.58, compared with $1.04 in the prior-year quarter.
How did KEQU’s EBITDA change in fiscal Q1 2027?
Consolidated EBITDA was $4.5 million in fiscal Q1 2027, down from $6.3 million in the prior-year quarter. Segment EBITDA was $6.6 million for Lab Products Group, $1.2 million for International, and negative $3.3 million at Corporate.
What is KEQU’s backlog as of July 31, 2026?
Kewaunee Scientific’s order backlog was $169.0 million as of July 31, 2026, up from $165.9 million on April 30, 2026, but down from $205.0 million on July 31, 2025.
How much debt does KEQU have, and did it change this quarter?
As of July 31, 2026, Kewaunee Scientific had long-term debt of $39.4 million, including $25.5 million from a sale-leaseback. Long-term debt excluding the sale-leaseback declined to $13.8 million from $15.1 million on April 30, 2026.
Did KEQU incur any non-recurring expenses in fiscal Q1 2027?
Yes. Corporate results included additional compensation expense from the decision to settle specific long-term incentive awards in cash rather than shares, to reduce dilution. The company states this incremental expense is not expected to recur.
How did KEQU’s Lab Products Group and International segments perform?
Lab Products Group had $50.9 million in sales (down 6.4%) and net earnings of $3.9 million. International sales were $15.5 million (down 7.8%), but segment net earnings rose 23.5% to $0.8 million and segment EBITDA increased 13.9% to $1.2 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): September 9, 2026
Kewaunee Scientific Corporation
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(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 | ||||||||||||
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 September 9, 2026, Kewaunee Scientific Corporation issued a press release announcing its financial results for the first quarter of fiscal year 2027. 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 September 9, 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: September 9, 2026 | By | /s/ Donald T. Gardner III | |||||||||
| Donald T. Gardner III | |||||||||||
| Vice President, Finance | |||||||||||
| Chief Financial Officer | |||||||||||
Kewaunee Scientific Reports
Results for First Quarter of Fiscal Year 2027
Exchange: NASDAQ (KEQU) Contact: Donald T. Gardner III
704/871-3274
STATESVILLE, N.C. September 9, 2026 – PRNewswire / Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its first quarter ended July 31, 2026.
Fiscal Year 2027 First Quarter Highlights:
•Backlog increased to $169.0 million on July 31, 2026, up from $165.9 million on April 30, 2026.
•International segment net earnings increased 23.5% and segment EBITDA increased 13.9% despite lower sales as a result of a favorable mix of higher-margin projects.
•Ongoing cost management efforts and improved operating efficiencies helped mitigate the negative impact of lower manufacturing volumes within LPG.
•Higher effective tax rate driven by a greater mix of earnings from international operations relative to domestic operations.
•Long-term debt, excluding the Company's sale-leaseback financing obligation, declined to $13.8 million from $15.1 million on April 30, 2026.
•Corporate results included additional compensation expense associated with the decision to settle specific long-term incentive awards in cash rather than shares to reduce dilution to existing shareholders; the resulting incremental expense is not expected to recur.
Fiscal Year 2027 First Quarter Results:
Sales during the first quarter of fiscal year 2027 were $66,320,000, a decrease of 6.7% compared to sales of $71,104,000 from the prior year's first quarter. Pre-tax earnings for the quarter were $2,560,000 compared to $3,920,000 for the prior year quarter, a decrease of 34.7%. Net earnings were $1,706,000 compared to net earnings of $3,093,000 for the prior year quarter. EBITDA1 for the quarter was $4,525,000 compared to $6,320,000 for the prior year quarter. Diluted earnings per share were $0.58 compared to diluted earnings per share of $1.04 in the prior year quarter.
The Company’s order backlog increased to $169.0 million on July 31, 2026 from $165.9 million on April 30, 2026. Backlog was $205.0 million on July 31, 2025.
During fiscal year 2026, the Company renamed its Domestic reportable segment to Lab Products Group ("LPG") to better align with the segment's expanded business activities, organizational structure, and strategic direction. This segment name change had no impact on the composition of the Company's reportable segments or on previously reported financial position, results of operations, cash flows, or segment operating results.
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
Lab Products Group Segment - LPG sales for the quarter were $50,868,000, a decrease of 6.4% from sales of $54,352,000 in the prior year quarter. LPG segment net earnings were $3,889,000 compared to $4,722,000 in the prior year quarter. LPG segment EBITDA was $6,585,000 compared to $7,576,000 for the prior year quarter. Despite lower manufacturing volumes amid challenging life sciences market conditions, the segment maintained solid profitability, supported by a stronger education market, disciplined cost management, and greater operating efficiencies.
International Segment - International sales for the quarter were $15,452,000, a decrease of 7.8% from sales of $16,752,000 in the prior year quarter. Despite lower sales, International segment net earnings increased 23.5% to $794,000 from $643,000 in the prior year quarter; while segment EBITDA increased 13.9% to $1,202,000 from $1,055,000. The improvement in profitability was driven by a favorable mix of higher-margin projects.
Corporate Segment – Corporate segment pre-tax net loss was $3,577,000 for the quarter, as compared to a pre-tax net loss of $3,058,000 in the prior year quarter. Corporate segment EBITDA for the quarter was ($3,262,000) compared to corporate segment EBITDA of ($2,311,000) for the prior year quarter. The change primarily reflected additional compensation expense associated with a decision to settle specific long-term incentive awards in cash rather than in shares to reduce dilution to existing shareholders. The resulting incremental compensation expense is not expected to recur.
Total cash on hand on July 31, 2026, was $10,261,000, as compared to $11,617,000 on April 30, 2026. Working capital was $56,716,000, as compared to $66,662,000 at the end of the first quarter last year and $57,046,000 on April 30, 2026.
The Company had short-term debt of $6,478,000 as of July 31, 2026, as compared to $5,904,000 on April 30, 2026. Long-term debt was $39,377,000 on July 31, 2026, as compared to $40,851,000 on April 30, 2026. The building lease from the Company's December 2021 sale-leaseback transaction accounts for $25,533,000 of the long-term debt on July 31, 2026, and $25,765,000 of the long-term debt on April 30, 2026. Long-term debt, net of the sale-leaseback transaction, was $13,844,000 on July 31, 2026, as compared to $15,086,000 on April 30, 2026. The Company’s debt-to-equity ratio on July 31, 2026, was 0.59-to-1, as compared to 0.61-to-1 on April 30, 2026. The Company's debt-to-equity ratio, net of the sale-leaseback transaction, on July 31, 2026, was 0.25-to-1, as compared to 0.26-to-1 on April 30, 2026.
"I am pleased with Kewaunee's performance during the first quarter and, importantly, with the continued execution of our strategy," said Thomas D. Hull III, Kewaunee's President and Chief Executive Officer. "Quoting activity remains strong across our markets, reinforcing our confidence in the underlying demand for our products and capabilities. While project award and release timelines remain extended amid broader geopolitical and economic uncertainty, we continue to see a healthy level of customer activity and opportunity across the business."
"Kewaunee continues to perform well in this environment, strengthening its competitive position and outperforming the broader market, which we believe reflects the strength of our brands, the breadth of our capabilities, and our commitment to delivering exceptional value and service to our customers," Hull continued. "At the same time, we remain disciplined and focused on the areas we can control - serving our customers, improving our operations, strengthening our commercial capabilities, and ensuring we are well positioned as quoting activity converts into project awards and releases."
"As we discussed at our Annual Meeting of Shareholders in August, Kewaunee is operating from a position of strength. The progress we have made over the past several years has created a stronger, more diversified, and more resilient company, with an increasingly solid foundation for future growth. We continue to invest in our businesses, advance our strategy, and build the capabilities necessary to capture the opportunities ahead."
"While we remain attentive to near-term market conditions, our focus is firmly on the long term. We are confident in Kewaunee's competitive position, encouraged by the opportunities we see across our markets, and excited about the company's next phase of growth. We believe the actions we are taking today will position Kewaunee to continue creating sustainable value for our customers, associates, and shareholders."
EBITDA, Segment EBITDA, Adjusted EBITDA, and Adjusted Segment EBITDA Reconciliation
(Unaudited)
($ in thousands)
| Quarter Ended July 31, 2025 | LPG | International | Corporate | Consolidated | ||||||||||||||||||||||
| Net Earnings (Loss) | $ | 4,722 | $ | 643 | $ | (2,272) | $ | 3,093 | ||||||||||||||||||
| Add/(Less): | ||||||||||||||||||||||||||
| Interest Expense | 313 | 13 | 732 | 1,058 | ||||||||||||||||||||||
| Interest Income | — | (131) | (10) | (141) | ||||||||||||||||||||||
| Income Taxes | 1,113 | 434 | (786) | 761 | ||||||||||||||||||||||
| Depreciation and Amortization | 1,428 | 96 | 25 | 1,549 | ||||||||||||||||||||||
| EBITDA | $ | 7,576 | $ | 1,055 | $ | (2,311) | $ | 6,320 | ||||||||||||||||||
| Professional Fees2 | — | — | 224 | 224 | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 7,576 | $ | 1,055 | $ | (2,087) | $ | 6,544 | ||||||||||||||||||
| Quarter Ended July 31, 2026 | LPG | International | Corporate | Consolidated | ||||||||||||||||||||||
| Net Earnings (Loss) | $ | 3,889 | $ | 794 | $ | (2,977) | $ | 1,706 | ||||||||||||||||||
| Add/(Less): | ||||||||||||||||||||||||||
| Interest Expense | 301 | 11 | 314 | 626 | ||||||||||||||||||||||
| Interest Income | — | (115) | — | (115) | ||||||||||||||||||||||
| Income Taxes | 894 | 423 | (600) | 717 | ||||||||||||||||||||||
| Depreciation and Amortization | 1,501 | 89 | 1 | 1,591 | ||||||||||||||||||||||
| EBITDA | $ | 6,585 | $ | 1,202 | $ | (3,262) | $ | 4,525 | ||||||||||||||||||
2 Professional and other fees incurred during the three months ended July 31, 2025 related to the Company's integration of Nu Aire, Inc. ("Nu Aire"), whose acquisition closed on November 1, 2024
About Non-GAAP Measures
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. 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 portfolio includes laboratory casework, fume hoods, adaptable modular systems, healthcare storage solutions, epoxy resin work surfaces and sinks, biological safety cabinets, and other critical containment lab furniture solutions.
The Company’s corporate headquarters are located in Statesville, North Carolina. Sales offices are located in the United States, India, Saudi Arabia, Spain, 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. The Company also operates manufacturing facilities in Plymouth and Long Lake, Minnesota, and maintains warehouse partnerships in the Netherlands and OEM partnerships in China through its acquisition of Nu Aire, Inc., supporting customers around the world.
Learn more at http://www.kewaunee.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: 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, 2026, 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 July 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net sales | $ | 66,320 | $ | 71,104 | |||||||
| Cost of products sold | 46,681 | 50,174 | |||||||||
| Gross profit | 19,639 | 20,930 | |||||||||
| Operating expenses | 16,481 | 16,120 | |||||||||
| Operating profit | 3,158 | 4,810 | |||||||||
Other income, net | 28 | 168 | |||||||||
| Interest expense | (626) | (1,058) | |||||||||
| Profit before income taxes | 2,560 | 3,920 | |||||||||
| Income tax expense | 717 | 761 | |||||||||
| Net earnings | 1,843 | 3,159 | |||||||||
| Less: Net earnings attributable to the non-controlling interest | 137 | 66 | |||||||||
Net earnings attributable to Kewaunee Scientific Corporation | $ | 1,706 | $ | 3,093 | |||||||
Net earnings per share attributable to Kewaunee Scientific Corporation stockholders | |||||||||||
| Basic | $ | 0.59 | $ | 1.08 | |||||||
| Diluted | $ | 0.58 | $ | 1.04 | |||||||
| Weighted average number of common shares outstanding | |||||||||||
| Basic | 2,880 | 2,851 | |||||||||
| Diluted | 2,921 | 2,963 | |||||||||
Kewaunee Scientific Corporation
Condensed Consolidated Balance Sheets
($ in thousands)
| July 31, 2026 | April 30, 2026 | ||||||||||
| (Unaudited) | |||||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 8,246 | $ | 9,950 | |||||||
| Restricted cash | 2,015 | 1,667 | |||||||||
| Receivables, less allowances | 58,197 | 58,738 | |||||||||
| Inventories | 29,786 | 30,533 | |||||||||
| Prepaid expenses and other current assets | 5,707 | 4,509 | |||||||||
| Total Current Assets | 103,951 | 105,397 | |||||||||
Net property, plant and equipment | 21,932 | 22,367 | |||||||||
| Right of use assets | 10,277 | 10,791 | |||||||||
| Deferred income taxes | 3,642 | 3,829 | |||||||||
Net intangible assets | 15,910 | 16,294 | |||||||||
Goodwill | 12,487 | 12,487 | |||||||||
| Other assets | 7,601 | 7,146 | |||||||||
| Total Assets | $ | 175,800 | $ | 178,311 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Short-term borrowings | $ | 627 | $ | 74 | |||||||
| Current portion of lease obligations | 4,171 | 3,845 | |||||||||
| Current portion of financing liability | 887 | 867 | |||||||||
Current portion of term loans | 4,893 | 4,893 | |||||||||
| Accounts payable | 21,557 | 22,455 | |||||||||
Other current liabilities | 15,100 | 16,217 | |||||||||
| Total Current Liabilities | 47,235 | 48,351 | |||||||||
| Long-term portion of lease obligations | 5,780 | 6,569 | |||||||||
| Long-term portion of financing liability | 25,533 | 25,765 | |||||||||
Long-term portion of term loans | 13,581 | 14,804 | |||||||||
| Other non-current liabilities | 6,451 | 6,010 | |||||||||
| Total Liabilities | 98,580 | 101,499 | |||||||||
| Kewaunee Scientific Corporation Equity | 75,005 | 74,718 | |||||||||
| Non-controlling interest | 2,215 | 2,094 | |||||||||
| Total Stockholders' Equity | 77,220 | 76,812 | |||||||||
| Total Liabilities and Stockholders' Equity | $ | 175,800 | $ | 178,311 | |||||||