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.
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