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Kewaunee Scientific Reports Results for First Quarter of Fiscal Year 2024
STATESVILLE, N.C., Aug. 31, 2023 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its first quarter ended July 31,
About this update from Kewaunee Scientific Corporation
[{"type":"text","content":"STATESVILLE, N.C., Aug. 31, 2023 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its first quarter ended July 31, 2023.\n\n \n \n \n \n \n \n\n \nFiscal Year 2024 First Quarter Results:\nSales during the first quarter of fiscal year 2024 were $49,839,000, a decrease of 0.6% compared to sales of $50,123,000 from the prior year's first quarter. Pre-tax earnings for the quarter were $3,412,000 compared to a pre-tax loss of $340,000 for the prior year quarter. Net earnings were $2,474,000 compared to a net loss of $747,000 for the prior year quarter. EBITDA1 for the quarter was $4,305,000 compared to $275,000 for the prior year quarter. Diluted earnings per share was $0.86 compared to a diluted loss per share of ($0.27) in the prior year quarter.\nThe Company's order backlog was $140.8 million on July 31, 2023, as compared to $174.0 million on July 31, 2022, and $147.9 million on April 30, 2023.\nDomestic Segment - Domestic sales for the quarter were $35,420,000, a decrease of 5.5% from sales of $37,468,000 in the prior year quarter. The decrease in Domestic sales was predominantly related to the elimination of installation revenue related to the Company's decision to no longer sell directly to end users, which typically included installation services. Domestic segment net income was $2,711,000 compared to $98,000 in the prior year quarter. Domestic segment EBITDA was $4,578,000 compared to $711,000 for the prior year quarter. Domestic segment profitability improved versus the prior year quarter because of the strategic go-to-market decisions made in the previous year to stop selling direct, as well as improved manufacturing productivity and cost containment actions.\nInternational Segment - International sales for the quarter were $14,419,000, an increase of 13.9% from sales of $12,655,000 in the prior year quarter due to the continued delivery of several large projects awarded in prior periods. International segment net income was $469,000 compared to $687,000 in the prior year's quarter. International segment EBITDA was $670,000 compared to $1,051,000 for the prior year quarter. EBITDA for the quarter was reduced by $316,000 when compared to the previous year period primarily due to a change in the Corporate cost allocation methodology after completing an updated transfer pricing study. ...