Kewaunee Scientific (KEQU) Q1 2025 earnings summary

Executive summary

• First quarter FY2025 sales were $48.4M, down 2.9% year-over-year; net earnings were $2.2M, down from $2.5M.

• EBITDA for the quarter was $3.3M, compared to $4.3M in the prior year quarter.

• Order backlog increased to $159.4M from $140.8M year-over-year and $155.6M sequentially.

Financial highlights

• Gross profit was $12.5M, up from $11.9M year-over-year; operating profit was $2.6M, down from $3.8M.

• Diluted EPS was $0.74, compared to $0.86 in the prior year quarter.

• Adjusted net earnings were $2.8M, with adjusted diluted EPS of $0.93, excluding $0.7M in non-core professional fees.

• Total cash on hand was $25.2M at quarter end, down slightly from $25.9M at the prior quarter end.

• Working capital was $56.0M, up from $49.3M year-over-year.

Outlook and guidance

• Backlog and quoting activity remain strong, supporting expectations for another strong year.