Kewaunee Scientific Corporation reported a fiscal year 2026 revenue of $282.0 million, marking a 17.3% increase from $240.5 million in fiscal year 2025. The growth was primarily driven by the acquisition of Nu Aire, which contributed significantly to the Lab Products Group (LPG) segment, where sales rose by 19.8% to $214.9 million. The International segment also saw a 9.9% increase in sales, reaching $67.1 million, largely due to project deliveries in India that had faced delays in the previous year. However, net earnings attributable to Kewaunee decreased to $9.6 million, or $3.22 per diluted share, down from $11.4 million, or $3.83 per diluted share, in the prior year.
The company’s order backlog at the end of April 2026 was $165.9 million, a decrease from $214.6 million a year earlier. The LPG segment backlog was $118.8 million, down from $123.9 million, while the International segment backlog fell from $90.7 million to $47.1 million. The decline in backlog reflects a combination of project delays and changes in customer schedules, which may impact future revenue recognition.
Strategically, Kewaunee completed the acquisition of Nu Aire, Inc. on November 1, 2024, for $55 million, enhancing its product offerings in biological safety cabinets and other laboratory equipment. This acquisition is expected to strengthen Kewaunee's market position and expand its distribution capabilities, particularly in regions where it previously lacked a presence. The integration of Nu Aire is ongoing, with the company focusing on operational execution and disciplined capital allocation to support growth.
Operationally, Kewaunee employed 1,231 individuals as of April 30, 2026, with 755 domestic employees and 476 international employees. The company continues to invest in its workforce and infrastructure to support its growth strategy. Additionally, Kewaunee's liquidity position remains stable, with no outstanding advances under its $20 million revolving credit facility as of the end of the fiscal year. The company anticipates capital expenditures of approximately $6 million for fiscal year 2027, primarily funded through operating activities.
Looking ahead, Kewaunee remains cautious about predicting future demand due to the unpredictable nature of laboratory and healthcare construction projects. The company is focused on navigating market fluctuations and maintaining operational efficiency while leveraging the benefits of the Nu Aire acquisition to enhance its competitive position in the laboratory furniture and technical products market.
About KEWAUNEE SCIENTIFIC CORP /DE/
Kewaunee Scientific Corporation designs, manufactures, and installs laboratory, healthcare, and technical furniture and infrastructure products. Its offerings include steel and wood casework, fume hoods, safety cabinets, incubators, and freezers. Serving global markets in pharmaceuticals, biotech, education, and healthcare, the company leverages a diversified product portfolio, international subsidiaries, and strategic acquisitions to meet the needs of laboratory and research facilities worldwide.
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