STATESVILLE – Laboratory furniture manufacturer Kewaunee Scientific Corporation announced a quarterly cash dividend of 19 cents per share Wednesday, the same rate the company has been paying since mid-2018.
Dividends last grew in August 2018, when the company increased the dividend rate to 19 cents per share, up from the 17 cents per share it paid the previous four quarters.
Kewaunee Scientific Corporation
The announcement from the Board of Directors comes a day after Kewaunee Scientific released its earnings report for the first quarter of fiscal year 2020. The company reported sales of $39.3 million, a 6.7 percent decrease from sales of $42.2 million in the prior year first quarter.
President and CEO Thomas D. Hull III said the company is still recovering from a decline in domestic sales in the first half of fiscal year 2019.
“Recognizing the challenging second half of fiscal year 2019, I am pleased with the Company’s first quarter sales results for fiscal year 2020 and the progress we are making to return to sustained levels of profitability and cash generation,” Hull said.
The Statesville-based company specializes in the manufacturing and installation of laboratory, healthcare and technical furniture products, and has additional offices across the United States, India, Singapore and China.
Shares of Kewaunee Scientific were trading at $15.85 per share Thursday, up 33 cents.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.
