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STATESVILLE, N.C. - Kewaunee Scientific Corporation (NASDAQ: KEQU), a global provider of laboratory and technical furniture with a market capitalization of approximately $140 million, announced today that its Board of Directors has authorized an expansion of its existing share repurchase program. The amendment allows the repurchase of an additional 100,000 shares of the company’s common stock. According to InvestingPro data, management has been actively pursuing shareholder-friendly policies, with the stock delivering an impressive 52% return over the past year.
The original repurchase program, which began on September 1, 2023, had 11,176 shares remaining authorized for repurchase as of today. These shares are still available for repurchase alongside the newly authorized shares. The company’s stock, currently trading at $49.20, has shown significant momentum, trading well above its 52-week low of $29.95, though recent market activity has resulted in a nearly 8% decline over the past week.
President and Chief Executive Officer Thomas D. Hull III stated that the decision to resume share repurchases aligns with the company’s capital allocation strategy and is based on management’s belief that it will create shareholder value. InvestingPro analysis reveals the company maintains a strong financial position with a healthy current ratio of 2.64 and operates with a moderate debt level. Kewaunee had previously paused its share repurchase activities to focus on the acquisition of Nu Aire, Inc., which was completed on November 1, 2024.
Want deeper insights? InvestingPro subscribers have access to over 10 additional exclusive tips and comprehensive financial metrics for Kewaunee Scientific Corporation. The company resumed repurchasing shares on February 28, 2025, and intends to continue as long as they deem market and capital conditions favorable.
The company’s management will determine the timing and volume of repurchases, considering factors such as business capital needs, market conditions, and the market price of Kewaunee’s common stock. The repurchase program does not obligate the company to acquire any specific number of shares and may be suspended or discontinued at the company’s discretion.
Kewaunee Scientific, founded in 1906, is known for designing, manufacturing, and installing a wide range of furniture products for laboratories, healthcare facilities, and technical environments. The company operates sales offices and manufacturing facilities across the globe, including in the United States, India, and Saudi Arabia.
The company’s recent acquisition, Nu Aire, further expands its product offerings, adding biological safety cabinets and other critical laboratory equipment to its portfolio.
This announcement is based on a press release statement and contains forward-looking statements that involve risks and uncertainties. The company cautions that these statements are not guarantees of future performance and that actual results may differ materially from those projected.
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