Kewaunee Scientific Reports First Quarter Progress in 2025
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Kewaunee Scientific Corporation's First Quarter Overview
Kewaunee Scientific Corporation (NASDAQ: KEQU) has released its financial results for the first quarter of fiscal year 2025. The company reported sales of $48,393,000, showing a slight decrease of 2.9% compared to the same quarter last year, which had sales of $49,839,000.
Financial Performance and Key Metrics
For the first quarter, the pre-tax earnings were reported at $2,430,000 compared to $3,412,000 in the prior year's first quarter, marking a 28.8% decline. Net earnings for the quarter were $2,193,000, which is lower than the net earnings of $2,474,000 recorded in the same quarter of the previous year. The EBITDA for the quarter was $3,325,000, down from $4,305,000 in the prior year.
Order Backlog and Segments Analysis
The company’s order backlog stood at $159.4 million on July 31, 2024, a substantial increase from $140.8 million a year earlier. While domestic sales increased marginally to $35,523,000, the international segment experienced a drop in sales to $12,870,000 due to customer delay issues in various projects.
Domestic Segment Insights
The domestic segment performed comparatively better with net earnings of $2,871,000, showing growth against last year's $2,711,000. The segment also achieved an EBITDA of $4,738,000, an improvement from $4,578,000 in the previous year. This indicates stable demand and consistent performance across end markets.
International Segment Challenges
Conversely, the international segment faced a significant drop, with sales declining by 10.7% from the prior year. Issues such as delays at customer construction sites, particularly in regions like India, affected shipments and delivery times, alluding to challenges faced in these markets.
Corporate Segment Performance
In the corporate segment, there was a reported pre-tax net loss of $1,992,000 compared to a loss of $1,004,000 a year prior. The decline was largely attributed to increased professional service fees not directly linked to core operations and a change in the cost allocation methodology across business segments.
Looking Ahead
Kewaunee Scientific's overall cash on hand was $25,186,000, reflecting a decrease from the previous quarter. Despite a slight increase in working capital and an uptick in short-term debt, the long-term obligations saw a slight reduction. CEO Thomas D. Hull III remarked on the solid performance during the quarter, emphasizing positive aspects such as a strong order backlog and high quoting activity for future projects.
Contact Information
For further information, you can reach Donald T. Gardner III at 704/871-3274.
Frequently Asked Questions
1. What were the total sales for Kewaunee Scientific in the first quarter?
Total sales for the quarter were $48,393,000.
2. How did the net earnings compare to the previous year?
Net earnings decreased from $2,474,000 to $2,193,000 compared to the same quarter last year.
3. What challenges is the international segment facing?
The international segment is experiencing delays due to customer construction site issues, particularly noted in India.
4. What is the current order backlog for Kewaunee Scientific?
The current order backlog is $159.4 million as of July 31, 2024.
5. Who can be contacted for investor relations?
Investors can contact Donald T. Gardner III at 704/871-3274 for inquiries.
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