Business
Powell Industries Announces Fiscal 2019 Third Quarter Results
HOUSTON, Aug. 6, 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, Aug. 6, 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 third quarter ended June 30, 2019.\nRevenues for the third quarter of fiscal 2019 were $135.6 million compared to revenues of $123.7 million for the second quarter of fiscal 2019 and revenues of $122.1 million for the third quarter of fiscal 2018. The Company reported net income for the third quarter of $5.1 million, or $0.44 per diluted share, compared to net income of $1.0 million, or $0.08 per diluted share, for the second quarter of fiscal 2019 and net income of $0.3 million, or $0.03 per diluted share, for the third quarter of fiscal 2018.\nNew orders placed during the third quarter of fiscal 2019 totaled $145 million compared to $197 million in the second quarter of fiscal 2019 and compared to $139 million in the third quarter of fiscal 2018. The Company's backlog as of June 30, 2019 was $407 million up 2.5% sequentially from $397 million as of March 31, 2019 and compared to $316 million at the end of last year's third quarter.\nBrett A. Cope, Powell's President and Chief Executive Officer, stated, \"We continue to build on the momentum from the previous quarter, delivering on our customer commitments while also improving the utilization of our people and facilities. Our third quarter results reflect our continued focus on operational execution across the company while we continue to work towards an improved quality and mix of our backlog.\"\nCope added, \"Powell's $145 million of new orders in the third quarter were driven more broadly from our core oil, gas, and petrochemical customers, as well as the industrial and utility sectors from both domestic and international markets. We enter the fourth quarter with a strong backlog and a healthy funnel of inquiry activity, particularly in the US Gulf Coast region where we continue to support the development of several, larger projects driven in part by the availability of low cost natural gas.\"\nOUTLOOK\nCommenting on the company's outlook, Michael Metcalf, Powell's Chief Financial Officer said, \"Looking ahead, we expect continued growth across our key end markets, specifically within the industrial sector. Similar to the third quarter, our...