Kewaunee Scientific Reports Results for Fiscal Year and Fourth Quarter

Core Insights - Kewaunee Scientific Corporation reported strong financial results for fiscal year 2024, with significant improvements in net earnings and adjusted earnings despite a decrease in sales compared to the previous year [3][5][8] - The company ended the fiscal year with a robust order backlog of $155.6 million, indicating stability in the markets served and continued investment from dealer and distribution partners [4][5] Financial Performance - Total sales for fiscal year 2024 were $203,755,000, a decrease of 7.2% from $219,494,000 in the prior year [5][8] - Net earnings for the fiscal year were $18,753,000, compared to $738,000 in the prior year, with diluted earnings per share increasing to $6.38 from $0.25 [5][8] - Adjusted net earnings for the fiscal year were $12,319,000, an increase of 1,570% compared to the previous year [5][8] - EBITDA for the fiscal year was $16,646,000, up from $7,517,000 in the prior year [5][8] Segment Performance - 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 the cessation of direct sales to end users [5][8] - International sales for the fiscal year were $66,517,000, a decrease of 8.6% from $72,778,000 in the prior year, attributed to a large project delivered in the previous year that did not repeat [5][8] - The Corporate segment reported net earnings of $3,890,000 for the fiscal year, compared to a net loss of $7,181,000 in the prior year [5][8] Cash and Debt Position - Total cash on hand as of April 30, 2024, was $25,938,000, up from $13,815,000 a year earlier, driven by improved operating performance [1][8] - The company's debt-to-equity ratio improved to 0.70-to-1 from 1.08-to-1 year-over-year, indicating a stronger balance sheet [1][8] - Long-term debt decreased slightly to $28,479,000 from $29,007,000 in the prior year, with a significant portion attributed to a sale-leaseback transaction [1][8] Strategic Decisions - The company emphasized the benefits of strategic decisions made in recent years, which contributed to the strong financial results and market capitalization increase [1][4] - Kewaunee's mission to encourage new discovery worldwide remains a focal point as the company continues to adapt to market conditions [4][5]