Kewaunee Scientific (NASDAQ:KEQU) reported record revenue and outlined continued investments in product development, manufacturing capacity, international expansion and potential acquisitions during its 2026 annual meeting of stockholders.
President and Chief Executive Officer Thomas D. Hull III said the company generated $282 million in revenue for the fiscal year ended April 30, 2026. Hull said the result extended Kewaunee’s multiyear growth trajectory and represented a nearly 14% compound annual growth rate since fiscal 2021.
Hull said Kewaunee reduced long-term debt by approximately $20 million and fully repaid the NuAire seller note. He said the company’s debt-to-equity ratio improved from 0.99x to 1.0x.
Segment Results and Lab Products Group
During the first quarter, Kewaunee renamed its domestic reportable segment the Lab Products Group, a change Hull said better reflects the unit’s operations, organization and strategy. The renaming did not change the segment’s composition or previously reported results.
Lab Products Group sales rose 19.8% to $214.9 million in fiscal 2026 from $179.4 million a year earlier. The increase primarily reflected a full year of results from NuAire, which Kewaunee acquired on Nov. 1, 2024. The segment generated EBITDA of $25.1 million, compared with $25.6 million in fiscal 2025.
Hull said the year-over-year EBITDA comparison reflected NuAire integration activities, softer conditions in the life sciences market and investments intended to strengthen the combined organization as market conditions recover.
International segment sales increased 9.9% to $67.1 million from $61.1 million. The increase was driven primarily by delivery of India projects that had experienced customer-site delays in the prior year. International EBITDA rose to $5.9 million from $4.5 million.
Unallocated corporate costs increased to $11.2 million from $9.9 million. Hull attributed the increase to investments in public-company readiness, governance, financial systems and talent to support a larger enterprise.
The Lab Products Group combines Kewaunee Scientific, NuAire, EVERHUTCH and the company’s global commercial organization. Hull said the combined platform offers laboratory casework, table systems, ventilated and containment products, healthcare storage, work surfaces and custom solutions, along with design, engineering, manufacturing, project execution, installation and service capabilities.
International and Corporate Investments
Hull said Kewaunee is taking an intentional approach to expansion in new and emerging markets while working with dealers to bring the full Lab Products Group portfolio to more customers. The company appointed Jorge Santos as vice president of international sales for the Lab Products Group and Lucia Lema as director of operations for the group.
Meanwhile, Kewaunee’s established international segment will concentrate on turnkey laboratory projects in India and surrounding markets. Hull said the operation manages the project lifecycle from planning and engineering through construction, installation and commissioning.
During fiscal 2026, the company also advanced Sarbanes-Oxley Act Section 404(b) readiness, implemented a corporate consolidation platform, expanded accounting capabilities and planned resources for growth in key functions. Other governance work included bylaw reviews, an updated expenditure policy, expanded compliance training and preparation for a new Spanish entity to support European growth.
Fiscal 2027 Outlook
Hull said Kewaunee plans to invest in product innovation, manufacturing efficiency and capacity, and global commercial expansion. The company also intends to pursue disciplined opportunities that complement its business, broaden capabilities, strengthen its portfolio and extend its market reach.
“While uncertainty remains in the geopolitical and economic landscape, our focus remains steady and clear,” Hull said. “We will continue to execute with discipline, allocate capital thoughtfully, pursue opportunities to grow our platform, and serve our customers with excellence.”
At the formal annual meeting, stockholders re-elected Hull, Chairman David S. Rhind and John D. Russell as Class I directors for terms expiring at the 2029 annual meeting. Stockholders also approved, on a preliminary basis, the ratification of Forvis Mazars LLP as the company’s independent auditor for fiscal 2027 and the advisory vote on named executive officer compensation. Kewaunee said final voting results will be filed with the Securities and Exchange Commission on Form 8-K.
The company expects to release first-quarter fiscal 2027 earnings after the market closes on Sept. 9.
About Kewaunee Scientific (NASDAQ:KEQU)
Kewaunee Scientific Corporation (NASDAQ:KEQU) is a global designer and manufacturer of scientific laboratory furniture, casework, fume hoods, containment solutions and related equipment. With roots dating back more than a century, the company develops integrated lab environments for research facilities, universities, biopharma companies, healthcare providers and government laboratories. Its product portfolio encompasses modular and custom casework, workstations, shelving systems, steel and epoxy resin solutions, as well as advanced ventilation and water management systems.
The company operates primary manufacturing facilities in Fitchburg, Wisconsin, supported by regional distribution and service centers in North America, Europe and Asia.
