Business
Powell Industries Announces Fiscal 2019 Fourth Quarter Results
HOUSTON, Dec. 4, 2019 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom engineered solutions for the management, control
About this update from Powell Industries, Inc.
[{"type":"text","content":"HOUSTON, Dec. 4, 2019 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom engineered solutions for the management, control and distribution of electrical energy, today announced results for the fiscal 2019 fourth quarter ended September 30, 2019.\nRevenues for the fourth quarter of fiscal 2019 were $148.5 million compared to revenues of $134.9 million for the fourth quarter of fiscal 2018. The Company reported net income for the fourth quarter of 2019 of $6.5 million, or $0.56 per diluted share, compared to net income of $1.5 million, or $0.13 per diluted share, for the fourth quarter of fiscal 2018.\nNew orders placed during the fourth quarter of fiscal 2019 totaled $162 million compared to $145 million in the third quarter of fiscal 2019 and compared to $78 million in the fourth quarter of fiscal 2018. The Company's backlog as of September 30, 2019 was $419 million, up 3% sequentially from $407 million as of June 30, 2019 and compared to $261 million at the end of last year's fourth quarter.\nBrett A. Cope, Powell's President and Chief Executive Officer, stated, \"Our fourth quarter results represent solid operational performance across the Company. Throughout fiscal 2019, our teams have executed well on our gradually improving backlog, while also effectively managing our cost structure to meet increased customer demand. The international markets that support our operations in both Canada and the UK began to show moderate improvement in mid-year fiscal 2019, which have helped to contribute to our favorable year-end backlog position.\"\nCope added, \"New orders in our fourth quarter were $162 million and included solid contributions from our core oil, gas, and petrochemical customers, resulting in full year 2019 new orders of $676 million, a 47% increase over fiscal 2018. Additionally, free cash flow in the current quarter was strong, generating $34 million dollars, resulting in $64 million dollars of free cash flow for the full fiscal year ended September 30, 2019.\"\nOUTLOOK\nCommenting on the company's outlook, Michael Metcalf, Powell's Chief Financial Officer said, \"As we exit fiscal 2019, based upon our current backlog level as well as our expectation of sustained inquiry activity across our core end markets, we anticipate that fiscal 2020 will generate a solid increase in revenue over fis...