Business
Powell Industries Announces Fiscal 2020 First Quarter Results
HOUSTON, Feb. 4, 2020 /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, Feb. 4, 2020 /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 2020 first quarter ended December 31, 2019.\nRevenues for the first quarter of fiscal 2020 were $134.2 million compared to revenues of $109.4 million in the first quarter of fiscal 2019. The Company reported net income for the first quarter of 2020 of $2.8 million, or $0.24 per diluted share, compared to a net loss of $2.7 million, or $0.23 per diluted share, in the first quarter of fiscal 2019.\nNew orders placed during the first quarter of fiscal 2020 totaled $137 million compared to $162 million in the fourth quarter of fiscal 2019 and $172 million in the first quarter of fiscal 2019. The Company's backlog as of December 31, 2019 was $426 million, an increase of 2% sequentially from $419 million at September 30, 2019 and compared to $322 million as of December 31, 2018.\nBrett Cope, Powell's Chairman and Chief Executive Officer, stated, \"We were pleased with our fiscal 2020 first quarter performance, despite the seasonal impact at the end of the calendar year. Our backlog position entering Fiscal 2020 positions the business to deliver a year of solid returns based on the convertibility and quality of our order book. As we progress through Fiscal 2020, we are not only focusing on backlog execution, but also leveraging the commercial pipeline to help offset the cyclical nature of our core end markets.\"\nOUTLOOK\nCommenting on the company's outlook, Michael Metcalf, Powell's Chief Financial Officer, said, \"From a profitability perspective, the business had the best fiscal first quarter dating back to fiscal 2014, driven by $134 million of revenue, which was generated predominately across our core oil, gas and petrochemical end markets. We remain committed to delivering another successful year from a profitability perspective, while investing in future growth opportunities by leveraging our research and development investment in technology programs throughout 2020.\"\nCONFERENCE CALL\nPowell Industries has scheduled a conference call for Wednesday, February 5, 2020 at 11:00 a.m. Eastern time. To participate in the conference call, dial 412-902-0030 at least 10 minutes before the call begins and as...