Company: KEQU
Filing Date: 2025-03-14
Form Type: 10-Q
Source: 0000055529-25-000013
Chunk: 39

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-03-14
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 income approach. A cost approach was applied for property, plant and equipment. In many cases, the determination of fair values required estimates about discount rates, future expected cash flows and other future events that are judgmental and subject to change. Intangible assets and property, plant and equipment will be amortized or depreciated on a straight-line basis over the relevant estimated useful life. The Company will conduct its impairment analysis annually, or more frequently if the Company determines potential indicators of impairment exist.

Results of Operations

Sales for the quarter were $67,167,000, an increase from sales of $46,778,000 in the comparable period of the prior year. Domestic sales for the quarter were $51,976,000, up 63.6% when compared to sales of $31,774,000 in the comparable period of the prior year. Domestic sales increased when compared to the prior year primarily due to higher manufacturing volumes than the prior year period and the acquisition of Nu Aire, as discussed above, which closed on November 1, 2024 and was not part of the prior year comparable results. International sales for the quarter were $15,191,000, up 1.2% when compared to sales of $15,004,000 in the comparable period of the prior year. International sales remained relatively flat when compared to the prior year period as the International segment continues to be challenged by customer site delays in India, which have pushed out the timing of deliveries.

Sales for the nine months ended January 31, 2025 were $163,324,000, an increase from sales of $147,053,000 in the comparable period of the prior year. Domestic sales for the period were $123,908,000, up 22.2% from sales of $101,379,000 in the comparable period of the prior year. The increase in Domestic sales was primarily driven by the incorporation of Nu Aire's post-acquisition results, as well as higher manufacturing volumes than the prior year period. International sales for the period were $39,416,000, down 13.7% from sales of $45,674,000 in the comparable period of the prior year. International sales decreased when compared to the prior year period due to customer construction site delays in India which have pushed out the timing of deliveries.

The Company's order backlog was $221.6 million at January 31, 2025, as compared to $152.3 million at January 31, 2024