KEWAUNEE SCIENTIFIC CORP /DE/KEQU

KEWAUNEE SCIENTIFIC CORP /DE/ Segments Disclosure

10-KFiled Jul 2, 20252 min read
Segment Information
In accordance with ASC 280, Segment Reporting, the Company's operations are classified into two business segments: Domestic and International. The Domestic business segment principally designs, manufactures, and installs scientific and technical furniture, including steel and wood laboratory cabinetry, fume hoods, flexible systems, worksurfaces, workstations, workbenches, and computer enclosures. On November 1, 2024, the Company completed its acquisition of Nu Aire, whose operating results are reflected in the Domestic operations segment, expanding the Company's Domestic capabilities through its manufacturing of biological safety cabinets, CO2 incubators, ultralow freezers, and other essential laboratory products. See Note 4, Nu Aire Acquisition, for further information.The International business segment, which consists of the foreign subsidiaries identified in Note 1, Summary of Significant Accounting Policies, provides the Company's products and services, including facility design, detailed engineering, construction, and project management from the planning stage through testing and commissioning of laboratories.
The Company's CODM is its CEO, who evaluates the performance of each segment and measures its segment profitability based on earnings before income taxes. Some Corporate expenses, such as those related to executive management, finance, etc., are allocated to the segments. Certain corporate expenses shown below are net of expenses that have been allocated to the business segments. We periodically review these allocations and adjust them based upon changes in business circumstance. Intersegment transactions are recorded at normal profit margins. All intercompany balances and transactions have been eliminated.
The following table shows revenues, earnings, and other financial information by business segment and unallocated corporate expenses for each of the years ended April 30:
$ in thousandsDomesticInternationalCorporateTotal
Fiscal Year 2025
Revenues from external customers$179,398 $61,074 $— $240,472 
Intersegment revenues626 3,468 (4,094)— 
Depreciation and amortization
4,166 420 173 4,759 
Interest expense
1,492 71 1,651 3,214 
Earnings (loss) before income taxes19,923 4,712 (9,850)14,785 
Income tax expense (benefit)
4,553 1,632 (2,983)3,202 
Net earnings attributable to non-controlling interest— 178 — 178 
Net earnings (loss) attributable to Kewaunee Scientific Corporation15,370 2,902 (6,867)11,405 
Segment assets152,569 42,085 — 194,654 
Expenditures for segment assets1,954 212 — 2,166 
Revenues (excluding intersegment) from customers in foreign countries7,731 61,074 — 68,805 
Fiscal Year 2024
Revenues from external customers$137,238 $66,517 $— $203,755 
Intersegment revenues636 4,062 (4,698)— 
Depreciation2,524 408 193 3,125 
Interest expense
1,574 166 59 1,799 
Earnings (loss) before income taxes15,048 6,295 (8,224)13,119 
Income tax expense3,240 2,935 (12,113)(5,938)
Net earnings attributable to non-controlling interest— 304 — 304 
Net earnings (loss) attributable to Kewaunee Scientific Corporation11,808 3,055 3,890 18,753 
Segment assets91,656 43,110 — 134,766 
Expenditures for segment assets3,759 614 — 4,373 
Revenues (excluding intersegment) from customers in foreign countries1,175 66,517 — 67,692 

Historical Timeline

Fiscal YearFiled
2025Jul 2, 2025Showing above
2024Jun 28, 2024
2023Jun 30, 2023
2022Jul 1, 2022
2021Jul 15, 2021
2020Jul 27, 2020
2019Jul 11, 2019
2018Jul 20, 2018
2017Jul 21, 2017
2016Jul 21, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesRevenuePP&EGoodwill & IntangiblesLeasesDebtCommitmentsStock CompensationNew Standards