Kewaunee Scientific (KEQU) Reports Q2 Loss of $0.79/Share, Suspends Dividend

Kewaunee Scientific (NASDAQ: KEQU) reported Q2 EPS of ($0.79), versus $0.48 reported last year. Revenue for the quarter came in at $39.7 million, versus $37.3 million reported last year.

• The Company's Board of Directors has elected to suspend the Company's dividend as the Company believes that, at this time, investing in projects intended to improve the Company's operating performance will provide a better long-term return to the Company's shareholders. These investments include upgrading and replacement of the underlying information technology supporting all aspects of the business as well as capital investments intended to improve the Company's manufacturing productivity and cost structure."

Outlook

Mr. Hull commented, "The third quarter is typically the Company's most challenging quarter as there are fewer manufacturing days than other quarters due to the holidays in the United States and construction projects generally slow down at the end of the calendar year. Our goal is to ensure that the Company's fourth quarter production load is full in order to operate our manufacturing facilities efficiently, which in turn should drive recovery in profitability."

For earnings history and earnings-related data on Kewaunee Scientific (KEQU) click here.

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