Business
Kewaunee Scientific Reports Results for Third Quarter of Fiscal Year 2024
STATESVILLE, N.C., March 6, 2024 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its third quarter ended January
About this update from Kewaunee Scientific Corporation
[{"type":"text","content":"STATESVILLE, N.C., March 6, 2024 /PRNewswire/ -- Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its third quarter ended January 31, 2024.\n\n \n \n \n \n \n \n\n \nFiscal Year 2024 Third Quarter Results:\nSales during the third quarter of fiscal year 2024 were $46,778,000, a decrease of 23.1% compared to sales of $60,821,000 from the prior year's third quarter. Pre-tax earnings for the quarter were $3,515,000 compared to $2,060,000 for the prior year quarter, an increase of 70.6%. Net earnings were $2,521,000 compared to net earnings of $723,000 for the prior year quarter. EBITDA1 for the quarter was $4,414,000 compared to $2,683,000 for the prior year quarter. Diluted earnings per share was $0.85 compared to diluted earnings per share of $0.25 in the prior year quarter.\nThe Company's order backlog was $152.3 million on January 31, 2024, as compared to $153.2 million on January 31, 2023, and $147.9 million on April 30, 2023.\nDomestic Segment - Domestic sales for the quarter were $31,774,000, a decrease of 12.1% from sales of $36,134,000 in the prior year quarter. The decrease in Domestic sales was primarily due to the reduction in non-product revenue related to the Company's decision to stop selling directly to end users. This revenue typically includes freight, installation services and buyouts. Domestic segment net income was $2,633,000 compared to $417,000 in the prior year quarter. Domestic segment EBITDA was $3,832,000 compared to $1,012,000 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 $15,004,000, a decrease of 39.2% from sales of $24,687,000 in the prior year quarter. International segment net income was $923,000 compared to $1,561,000 in the prior year quarter. International segment EBITDA was $1,676,000 compared to $2,385,000 for the prior year quarter. The year-over-year decline in sales is attributable to the delivery of two large projects during the prior year that were non-recurring, one in Africa and one in India. Absent this impact, International segment performance remains strong as demand in th...