Kewaunee Scientific Reports Results for Third Quarter of Fiscal Year 2023.

STATESVILLE, N.C: Kewaunee Scientific Corporation (NASDAQ: KEQU) today announced results for its third quarter ended January 31, 2023.

Fiscal Year 2023 Third Quarter Results:

Sales during the third quarter of fiscal year 2023 were $60,821,000, an increase of 49.7% compared to sales of $40,633,000 from the prior year third quarter. Pre-tax earnings for the quarter were $2,060,000 compared to a pre-tax loss of $887,000 for the prior year quarter. Net earnings were $723,000 compared to a net loss of $1,319,000 for the prior year quarter. EBITDA1 for the quarter was $2,683,000 compared to ($117,000) for the prior year quarter. Diluted earnings per share was $0.25 compared to a diluted loss per share of ($0.47) in the prior year quarter.

The Company's order backlog was $153.2 million on January 31, 2023, as compared to $138.1 million on January 31, 2022, and $173.9 million on April 30, 2022. As announced in a press release on March 7th, 2023, the Company's International segment has been awarded a multi-year contract to provide laboratory furniture, fume hoods, and technical products for Indian Oil Corporation Limited, located in Faridabad, India. This award is similar in size to other large international projects that have been reported over the past year and has been included in the order backlog amount noted above. This project is expected to be delivered over the next twelve to eighteen months.

Domestic Segment - Domestic sales for the quarter were $36,134,000, an increase of 22.4% from sales of $29,531,000 in the prior year quarter. Similar to the Company's first and second quarter results, Domestic segment earnings for the current quarter were impacted as the Company worked to deliver a portion of the remaining direct orders in its order backlog, the majority of which were priced and executed prior to the broad-based inflation experienced last fiscal year. Although these projects continue to impact earnings, the remainder of the orders delivered in the quarter had strong margins as pricing has been fully matched with costs. Domestic segment net income was $417,000 compared to a net loss of $305,000 in the prior year quarter. Domestic segment EBITDA was $1,012,000 compared to $347,000 for the prior year quarter.

International Segment - International sales for the quarter were $24,687,000, an increase of 122.4% from sales of $11,102,000 in the prior year quarter due to the continued delivery of several large projects recorded in the prior...