$KEQU Reports Impressive 49% YoY Revenue Growth and Strong International Segment Performance in Q3 2023
Mar 8th 2023, 10:07 pm
Analyst Summary: Kewaunee Scientific Corporation (NASDAQ: KEQU) reported an increase in total revenue of 49% YoY for Q3 2023. The company's strong financial performance was driven by the increased contribution from international projects like the new contract awarded to the company's International segment to provide laboratory furniture, fume hoods, and technical products for Indian Oil Corporation Limited. The project is expected to be delivered over the next twelve to eighteen months. The domestic segment's earnings were impacted as the company worked to deliver direct orders. Despite this, Kewaunee's President and CEO, Thomas D. Hull III, believes that their international business remains strong. The company's debt-to-equity ratio was 1.22-to-1 on January 31, 2023, compared to 1.07-to-1 on April 30, 2022. EBITDA increased to $4.2m in Q3 2023, from $0.9m in Q3 2022. Kewaunee's Q3 2023 financials saw improvement when compared to the first two quarters of the fiscal year. The company is focusing on completing remaining direct projects while continuing growth with their dealer and distribution partners. It is monitoring the uncertainty regarding the health of the global economy, but is focusing on operating with excellence.