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Kewaunee Scientific Corporation (KEQU) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing net sales of $47,764,000, down from $50,436,000 in the same quarter the previous year. Domestic sales increased to $36,409,000, while international sales decreased to $11,355,000.
Cost of products sold for the quarter was $33,812,000, resulting in a gross profit of $13,952,000. The gross profit margin increased to 29.2% from 26.7% in the previous year.
Operating expenses for the quarter were $9,518,000, up from $8,359,000 in the previous year, due to higher consulting and professional fees.
The company reported an operating profit of $4,434,000, compared to $5,109,000 in the previous year.
Net earnings attributable to Kewaunee Scientific Corporation were $3,008,000, or $1.01 per diluted share, compared to $2,732,000, or $0.93 per diluted share, in the prior year.
Cash provided by operating activities was $7,642,000, while cash used in investing activities was $961,000.
Kewaunee had a working capital of $59,965,000 as of October 31, 2024. The company anticipates that its sources of liquidity will be sufficient to support ongoing business requirements.
The filing also details the acquisition of Nu Aire, Inc., completed on November 1, 2024, for $55.0 million. The acquisition was funded through a combination of cash, a revolving credit facility, a term loan, and seller notes.
The company continues to focus on expanding its capabilities and market presence, particularly with the acquisition of Nu Aire, which complements its existing offerings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kewaunee Scientific Corporation quarterly 10-Q report dated December 13, 2024. To report an error, please email earnings@qz.com.