Business
Powell Industries Announces Fiscal 2020 Second Quarter Results
Highest Backlog in Company History HOUSTON, May 5, 2020 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom engineered
About this update from Powell Industries, Inc.
[{"type":"text","content":"Highest Backlog in Company History\n\n\nHOUSTON, May 5, 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 second quarter ended March 31, 2020.\nRevenues for the second quarter of fiscal 2020 were $151.6 million compared to revenues of $134.2 million for the first quarter of fiscal 2020 and revenues of $123.7 million for the second quarter of fiscal 2019. The Company reported net income for the second quarter of 2020 of $7.4 million, or $0.64 per diluted share, compared to net income of $2.8 million, or $0.24 per diluted share, for the first quarter of fiscal 2020 and net income of $1.0 million, or $0.08 per diluted share for the second quarter of fiscal 2019.\nNew orders placed during the second quarter of fiscal 2020 totaled $301 million compared to $137 million in the first quarter of fiscal 2020 and $197 million in the second quarter of fiscal 2019. The Company's backlog as of March 31, 2020 was $566 million, an increase of 33% sequentially from $426 million at December 31, 2019 and compared to $397 million as of March 31, 2019.\nBrett A. Cope, Powell's Chairman and Chief Executive Officer, stated, \"As the global community is battling the COVID-19 pandemic, our number one priority has been the safety of our employees, customers and their families. I am very proud of all of our employees for their swift response implementing safe work practices across all of our facilities. We have maintained all of our operations supporting our customers as an essential business, providing critical electrical distribution solutions. \nOur second quarter results reflect strong operational momentum that we have been building upon for the last several years. Our backlog at the end of the second quarter, a new company record, of $566 million positions us favorably for the remainder of 2020 and into 2021. Despite the impacts associated with COVID-19 and recent oil price declines, we are in a strong financial position supported by a solid balance sheet and a team of people that has prior experience successfully working through challenging market cycles.\"\nOUTLOOK\nCommenting on the company's outlook, Michael Metcalf, Powell's Chief Financial Officer said, \"The business recorde...