Kewaunee Scientific Reports Results for Second Quarter of Fiscal Year 2024

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[{"type":"text","content":"STATESVILLE, N.C., Dec. 6, 2023 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its second quarter ended October 31, 2023.\n\n \n \n \n \n \n \n\n \nFiscal Year 2024 Second Quarter Results:\nSales during the second quarter of fiscal year 2024 were $50,436,000, a decrease of 7.6% compared to sales of $54,564,000 from the prior year's second quarter. Pre-tax earnings for the quarter were $4,845,000 compared to $456,000 for the prior year quarter. Net earnings were $2,732,000 compared to a net loss of $243,000 for the prior year quarter. EBITDA1 for the quarter was $5,662,000 compared to $1,252,000 for the prior year quarter. Diluted earnings per share was $0.93 compared to a diluted loss per share of ($0.09) in the prior year quarter.\nThe Company's order backlog was $146.3 million on October 31, 2023, as compared to $157.8 million on October 31, 2022, and $147.9 million on April 30, 2023.\nDomestic Segment - Domestic sales for the quarter were $34,185,000, a decrease of 10.0% from sales of $37,991,000 in the prior year quarter. The decrease in Domestic sales was predominantly due 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 $3,054,000 compared to $491,000 in the prior year quarter. Domestic segment EBITDA was $5,230,000 compared to $1,088,000 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 $16,251,000, a decrease of 1.9% from sales of $16,573,000 in the prior year quarter. International segment net income was $525,000 compared to $1,157,000 in the prior year quarter. International segment EBITDA was $1,635,000 compared to $1,668,000 for the prior year quarter. International segment sales and profitability remain strong as demand in the international markets served by the Company continue to remain robust.\nCorporate Segment – Corporate segment pre-tax net loss was $1,243,000 for the quarter, as compared to a pre-tax net loss of $1,891,000 in the prior ...

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