Kewaunee Scientific (US:KEQU)2024-06-26 20:44Financial Performance - Sales for the fourth quarter of fiscal year 2024 were $56,702,000, a 5% increase from $53,986,000 in the prior year quarter[3] - Net earnings for the fourth quarter were $11,026,000, compared to $1,005,000 in the prior year quarter, resulting in diluted earnings per share of $3.71 versus $0.34[3] - Adjusted pre-tax earnings for the fourth quarter were $5,366,000, a 131% increase from $2,322,000 in the prior year quarter[4] - Total sales for fiscal year 2024 were $203,755,000, a decrease of 7.2% from $219,494,000 in the prior year[13] - Adjusted net earnings for fiscal year 2024 were $12,319,000, compared to $738,000 in the prior year, with adjusted diluted earnings per share of $4.19 versus $0.25[15] - For the quarter ended April 30, 2024, consolidated net earnings increased to $11,026 million, up from $1,005 million in the same quarter of the previous year, representing a growth of 1,000%[24] - Adjusted EBITDA for the quarter ended April 30, 2024, was $6,284 million, compared to $3,307 million for the same quarter in 2023, reflecting an increase of 90%[24] - Gross profit for the quarter ended April 30, 2024, was $14,640 million, compared to $10,361 million in the same quarter of 2023, marking an increase of 41%[25] - Operating profit for the quarter ended April 30, 2024, was $5,558 million, compared to $2,701 million in the same quarter of 2023, reflecting an increase of 106%[25] - For the fiscal year to date April 30, 2024, consolidated net earnings reached $18,753 million, up from $738 million in the previous year, showing a growth of 2,438%[24] Sales Breakdown - Domestic sales for fiscal year 2024 were $137,238,000, a decrease of 6.5% from $146,716,000 in the prior year, primarily due to reduced non-product revenue[16] - International sales for fiscal year 2024 were $66,517,000, an 8.6% decrease from $72,778,000 in the prior year, driven by a large project delivered in the previous year that did not repeat[17] - Net sales for the three months ended April 30, 2024, were $56,702 million, a rise from $53,986 million in the prior year, indicating a growth of 5%[25] - Net sales for the three months ended April 30, 2024, increased to $56,702 thousand from $53,986 thousand in the same period of 2023, representing a growth of 5.3%[33] Assets and Liabilities - Total cash on hand increased to $25,938,000 as of April 30, 2024, compared to $13,815,000 a year earlier, reflecting improved operating performance[20] - Total assets as of April 30, 2024, amounted to $134,766 thousand, up from $118,898 thousand in 2023, representing a growth of 13.4%[35] - Cash and cash equivalents increased significantly to $23,267 thousand as of April 30, 2024, compared to $8,078 thousand in 2023, showing a growth of 187.5%[35] - Total liabilities decreased to $78,557 thousand as of April 30, 2024, from $80,413 thousand in 2023, reflecting a reduction of 2.3%[35] Shareholder Information - The company reported a basic net earnings per share of $3.86 for the quarter ended April 30, 2024, compared to $0.36 in the same quarter of 2023, representing a significant increase of 975%[25] - Basic net earnings per share for the three months ended April 30, 2024, reached $3.86, a substantial rise from $0.36 in the same period last year, indicating an increase of 975.6%[33] - The weighted average number of diluted shares outstanding for the three months ended April 30, 2024, was 2,972 thousand, compared to 2,928 thousand in 2023, showing a slight increase of 1.5%[33] Pension Costs - The company incurred pension termination costs of $4,019 million during the quarter ended April 30, 2024, impacting the financial results significantly[24] - The company reported a pension expense of $(4,055) thousand for the three months ended April 30, 2024, compared to $(18) thousand in the same period of 2023, indicating a significant increase in pension costs[33] Operating Expenses - The company’s total operating expenses for the quarter ended April 30, 2024, were $9,082 million, compared to $7,660 million in the same quarter of 2023, an increase of 18%[25]