Exhibit 99.1

Kewaunee Scientific

Reports Results for Third Quarter of Fiscal Year 2021

Exchange: NASDAQ (KEQU) Contact: Donald T. Gardner III (704) 871-3274

STATESVILLE, N.C. March 10, 2021 – PRNewswire / Kewaunee Scientific Corporation (NASDAQ: KEQU) today reported results for its third quarter of fiscal year 2021, ended January 31, 2021.

Sales for the quarter were $33,339,000, a 2.6% decrease from sales of $34,225,000 in the prior year third quarter. Pre-tax loss for the quarter was $718,000 compared to a loss of $2,251,000 for the prior year period. Net earnings improved for the quarter to $81,000, or $0.03 per diluted share, as compared to a loss of $1,918,000, or ($0.70) per diluted share, for the quarter ended January 31, 2020. A tax benefit in the amount of $989,000 was recorded in the period based on the provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act (“the Act”) signed into law on March 27, 2020. The Act allows companies with a net operating loss arising in a taxable year beginning in 2018, 2019, or 2020 to carry the loss back to each of the five preceding tax years. EBITDA¹ for the quarter was ($17,000) compared to ($1,551,000) for the prior year period. The Company’s order backlog was $103 million on January 31, 2021, as compared to $101 million at April 30, 2020 and $93 million at January 31, 2020.

Domestic Segment

Domestic sales for the quarter were $25,066,000, a decrease of 6.1% from sales of $26,699,000 in the third quarter of last year. Net losses for the Domestic segment were $184,000 compared to a net loss of $552,000 for the prior year period. Domestic segment EBITDA was $800,000 compared to ($294,000) for the prior year period. Domestic sales declined during the period when compared to the prior year period due to continued delays in construction projects due to the coronavirus pandemic. Domestic segment EBITDA improved as compared to the prior year period due to actions taken to reduce operating expenses and improve manufacturing productivity.

International Segment

International sales for the quarter were $8,273,000, up 9.9% from sales of $7,526,000 in the third quarter last year. Net earnings for the International segment were $499,000 compared to break even, zero earnings, for the prior year period. International segment EBITDA was $695,000

¹  EBITDA is a non-GAAP financial measure. See the table below for a reconciliation of EBITDA and segment EBITDA to net earnings (loss), the most directly comparable GAAP measure.

compared to $515,000 for the prior year period. The increase in sales and profitability resulted from strong international demand coupled with reduced COVID-related restrictions in certain markets that allowed access to project sites, resulting in higher billings during the current period.

Corporate Segment

Corporate expenses for the quarter were $1,613,000, a decrease of 15.0% from corporate expenses of $1,897,000 for the prior year period. The primary drivers of a decrease in corporate expenses were lower expenses for professional services as well as certain non-recurring expenses recorded in the prior year period related to an organizational restructuring. These reductions were offset by higher pension expense in the current period compared to the prior year period.

Liquidity and Managed Working Capital

Cash on hand was $6,103,000 at the end of the quarter, as compared to $5,215,000 at April 30, 2020. Working capital was $28,510,000 at January 31, 2021, as compared to $27,171,000 at April 30, 2020. Short-term debt was $4,493,000 at the end of the quarter, as compared to $4,719,000 at April 30, 2020. The debt-to-equity ratio at January 31, 2021 was .37-to-1, as compared to .36-to-1 at April 30, 2020.

“Our third quarter is traditionally the Company’s slowest quarter due to reduced construction activity in the US as well as fewer manufacturing days within the quarter. I am extremely proud of how the Kewaunee team managed the business during the quarter, navigating the challenges presented by the coronavirus, while making continued progress to position the Company to capitalize on what I expect will be a long-term increase in demand for the products and services that Kewaunee provides,” said Thomas D. Hull III, Kewaunee’s President and Chief Executive Officer.

“When you review our third quarter financial performance, it is evident that our team delivered improved gross profit and operating earnings on lower sales when compared to the prior year period. This was made possible because of the hard work that our Associates are undertaking to fundamentally improve how the Company operates. I believe these actions will translate into sustained improvements to our financial performance.”

“The Company’s financial position and liquidity also remain strong, and our backlog closed the quarter at the highest level in the past two years. A headwind I see as I look forward is rapidly escalating raw material costs which are negatively impacting industry earnings in the near-term. We are monitoring this closely and are taking steps to mitigate negative impacts to our gross margins to the extent possible.”

“Looking to the fourth quarter, I expect our performance to continue to improve based on our cost structure, operating performance, and current booking activity. As the economy begins to re-open from coronavirus related restrictions, I anticipate project awards to accelerate and the pace of construction to increase, resulting in demand for Kewaunee’s products.”

EBITDA and Segment EBITDA Reconciliation

Quarter Ended January 31, 2020	Domestic			International			Corporate			Consolidated
Net Earnings (Loss)	$	(552	)	$	—		$	(1,366	)	$	(1,918	)
Add/(Less):
Interest Expense		—			12			138			150
Interest Income		—			(66	)		(2	)		(68	)
Income Taxes		(315	)		496			(531	)		(350	)
Depreciation and Amortization		573			73			(11	)		635
EBITDA	$	(294	)	$	515		$	(1,772	)	$	(1,551	)
Quarter Ended January 31, 2021	Domestic			International			Corporate			Consolidated
Net Earnings (Loss)	$	(184	)	$	499		$	(234	)	$	81
Add/(Less):
Interest Expense		—			1			104			105
Interest Income		—			(49	)		—			(49	)
Income Taxes		390			176			(1,379	)		(813	)
Depreciation and Amortization		594			68			(3	)		659
EBITDA	$	800		$	695		$	(1,512	)	$	(17	)

Year to Date January 31, 2020	Domestic		International			Corporate			Consolidated
Net Earnings (Loss)	$	992	$	(1,304	)	$	(3,313	)	$	(3,625	)
Add/(Less):
Interest Expense		—		26			426			452
Interest Income		—		(318	)		(7	)		(325	)
Income Taxes		447		2,867			(1,492	)		1,822
Depreciation and Amortization		1,706		221			—			1,927
EBITDA	$	3,145	$	1,492		$	(4,386	)	$	251
Year to Date January 31, 2021	Domestic		International			Corporate			Consolidated
Net Earnings (Loss)	$	977	$	1,088		$	(2,762	)	$	(697	)
Add/(Less):
Interest Expense		—		2			308			310
Interest Income		—		(154	)		(2	)		(156	)
Income Taxes		817		503			(2,309	)		(989	)
Depreciation and Amortization		1,800		196			9			2,005
EBITDA	$	3,594	$	1,635		$	(4,756	)	$	473

About Non-GAAP Measures

EBITDA and Segment EBITDA are calculated as net earnings (loss), less interest expense and interest income, income taxes, depreciation, and amortization. We believe EBITDA and Segment EBITDA allow management and investors to compare our performance to other companies on a consistent basis without regard to depreciation and amortization, which can vary significantly between companies depending upon many factors. EBITDA and Segment EBITDA are not calculations based upon generally accepted accounting principles, and the method for calculating EBITDA and Segment EBITDA can vary among companies. The amounts included in the EBITDA and Segment EBITDA calculations, however, are derived from amounts included in the historical statements of operations. EBITDA and Segment EBITDA should not be considered as alternatives to net earnings (loss) or operating earnings (loss) as an indicator of the Company’s operating performance, or as an alternative to operating cash flows as a measure of liquidity.

About Kewaunee Scientific

Founded in 1906, Kewaunee Scientific Corporation is a recognized global leader in the design, manufacture, and installation of laboratory, healthcare, and technical furniture products. The Company’s products include steel, wood, and laminate casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin worksurfaces and sinks.

The Company’s corporate headquarters are located in Statesville, North Carolina. Direct sales offices are located in the United States, India and Singapore. Three manufacturing facilities are located in Statesville serving the domestic and international markets, and one manufacturing facility is located in Bangalore, India serving the local and Asian markets. Kewaunee Scientific’s website is located at http://www.kewaunee.com.

This press release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company’s future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe” and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other important factors that could significantly impact results or achievements expressed or implied by such forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to: competitive and general economic conditions and the rapidly evolving COVID-19 pandemic, including disruptions from government mandates, both domestically and internationally; changes in customer demands; technological changes in our operations or in our industry; dependence on customers’ required delivery schedules; risks related to fluctuations in the Company’s operating results from quarter

to quarter; risks related to international operations, including foreign currency fluctuations; changes in the legal and regulatory environment; changes in raw materials and commodity costs; and acts of terrorism, war, governmental action, natural disasters and other Force Majeure events. The cautionary statements made pursuant to the Reform Act herein and elsewhere by us should not be construed as exhaustive. We cannot always predict what factors would cause actual results to differ materially from those indicated by the forward-looking statements. Over time, our actual results, performance, or achievements will likely differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, and such difference might be significant and harmful to our stockholders’ interest. Many important factors that could cause such a difference are described under the caption “Risk Factors,” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 30, 2020, which you should review carefully, and in our subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. These reports are available on our investor relations website at www.kewaunee.com and on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Kewaunee Scientific Corporation

Condensed Consolidated Statements of Operations (Unaudited)

($ and shares in thousands, except per share amounts)

	Three months ended						Nine months ended
	January 31,						January 31,
	2021			2020			2021			2020
Net sales	$	33,339		$	34,225		$	108,762		$	113,283
Cost of products sold		27,685			28,947			90,832			94,743
Gross profit		5,654			5,278			17,930			18,540
Operating expenses		6,030			7,350			18,593			19,875
Operating loss		(376	)		(2,072	)		(663	)		(1,335	)
Pension expense		(288	)		(113	)		(865	)		(339	)
Other income		51			84			171			382
Interest expense		(105	)		(150	)		(310	)		(452	)
Loss before income taxes		(718	)		(2,251	)		(1,667	)		(1,744	)
Income tax expense (benefit)		(813	)		(350	)		(989	)		1,822
Net earnings (loss)		95			(1,901	)		(678	)		(3,566	)
Less: Net earnings attributable to the noncontrolling interest		14			17			19			59
Net earnings (loss) attributable to Kewaunee Scientific Corporation	$	81		$	(1,918	)	$	(697	)	$	(3,625	)
Net earnings (loss) per share attributable to
Kewaunee Scientific Corporation stockholders
Basic	$	0.03		$	(0.70	)	$	(0.25	)	$	(1.32	)
Diluted	$	0.03		$	(0.70	)	$	(0.25	)	$	(1.32	)
Weighted average number of common shares outstanding
Basic		2,762			2,750			2,759			2,750
Diluted		2,789			2,750			2,759			2,750

Kewaunee Scientific Corporation

Condensed Consolidated Balance Sheets

($ in thousands)

	January 31,		April 30,
	2021		2020
	(Unaudited)
Assets
Cash and cash equivalents	$	5,563	$	4,365
Restricted cash		540		850
Receivables, less allowances		30,091		28,062
Inventories		15,615		15,330
Income tax receivable		4,205		2,717
Prepaid expenses and other current assets		4,109		2,907
Total Current Assets		60,123		54,231
Net property, plant and equipment		16,211		16,272
Right of use assets		9,715		9,312
Other assets		3,560		4,114
Total Assets	$	89,609	$	83,929
Liabilities and Stockholders’ Equity
Short-term borrowings	$	4,493	$	4,719
Current portion of lease obligations		1,373		1,301
Accounts payable		15,996		13,114
Other current liabilities		9,751		7,926
Total Current Liabilities		31,613		27,060
Long-term portion of lease obligations		8,373		7,893
Other non-current liabilities		11,361		10,273
Total Liabilities		51,347		45,226
Kewaunee Scientific Corporation stockholders’ equity		38,055		38,415
Noncontrolling interest		207		288
Total Stockholders’ Equity		38,262		38,703
Total Liabilities and Stockholders’ Equity	$	89,609	$	83,929