Kewaunee Scientific Sales Strong in U.S. But a Retirement Hurt Earnings
Keewaunee-Scientific.jpg

STATESVILLE, NC - Laboratory casegoods and millwork firm Kewaunee Scientific second quarter sales rose 2.6 percent to $31 million. While U.S. sales for the quarter rose 11 percent to $26.3 million, international sales fell more than 28 percent, to  $4.8 million. 

Kewaunee Scientific Corp. (Nasdaq: KEQU) net fell by $695,000 earnings for its second quarter ended October 31, 2015, a drop approaching half of last year's figure. 

"For our International business, a large order shipped in the second quarter of last year adversely affected the year-over-year comparison with this quarter," says  David M. Rausch, CEO. "Earnings were also unfavorably impacted by non-recurring costs related to the retirement of a key executive.

The order backlog was $92.4 million, up $8 million from a year ago. Incoming orders for the domestic business were strong during, Kewaunee says, due to an improving marketplace for laboratory furniture and scientific equipment in the United States.  

"We expect the domestic laboratory casework marketplace will continue to be strong with improved demand for both new construction and renovation projects. My optimism is also based on our strong order backlog and expectations that our International business will continue its long-term progress," Rausch said. 

Last month, Kewaunee  Scientific  named Thomas D.  Hull III Vice President of Finance and Chief Financial Officer. Hull was also elected Secretary and Treasurer of the  corporation. He succeeds D.Michael Parker, who retired in July. 

.

Have something to say? Share your thoughts with us in the comments below.

Profile picture for user billesler
About the author
Bill Esler | ConfSenior Editor

Bill wrote for WoodworkingNetwork.com, FDMC and Closets & Organized Storage magazines. 

Bill's background includes more than 10 years in print manufacturing management, followed by more than 30 years in business reporting on industrial manufacturing in the forest products industries, including printing and packaging at American Printer (Features Editor) and Graphic Arts Monthly (Editor in Chief) magazines; and in secondary wood manufacturing for WoodworkingNetwork.com.

Bill was deeply involved with the launches of the Woodworking Network Leadership Forum, and the 40 Under 40 Awards programs. He currently reports on technology and business trends and develops conference programs.

In addition to his work as a journalist, Bill supports efforts to expand and improve educational opportunities in the manufacturing sectors, including 10 years on the Print & Graphics Scholarship Foundation; six years with the U.S. WoodLinks; and currently on the Woodwork Career Alliance Education Committee. He is also supports the Greater West Town Training Partnership Woodworking Program, which has trained more than 950 adults for industrial wood manufacturing careers. 

Bill volunteers for Foinse Research Station, a biological field station staddling the border of Ireland and Northern Ireland, one of more than 200 members of the Organization of Biological Field Stations.