Kewaunee Scientific Corporation Reports Net Income of $2.5 Million for Q2 2023, a Turnaround from Previous Loss

Kewaunee Scientific Corporation,(KEQU) a global leader in laboratory furnitu re and infrastructure solutions, released its financial results for the second quarter of 2023. The company reported a net income of $2.5 million, marking a significant turnaround from the loss of $747,000 in the same period last year. This positive development reflects Kewaunee's ability to navigate challenges in the industry. Additionally, the company reported net sales of $49.8 million for the second quarter of 2023, showcasing resilience in revenue despite ongoing market pressures.

Gross Profit Surges

In the condensed consolidated statements of operations, Kewaunee's gross profit for the three months ended July 31, 2023, stood at $11.9 million, compared to $6.2 million for the same period in 2022. This substantial increase in gross profit demonstrates the company's effective cost management and operational improvements.

Operating Expenses and Profit