Business
Powell Industries Announces Fiscal 2021 First Quarter Results
HOUSTON, Feb. 2, 2021 /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. 2, 2021 /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 2021 first quarter ended December 31, 2020.\nFiscal First Quarter Key Highlights: \nRevenues totaled $107 million; Backlog as of December 31, 2020 totaled $465 million; Net Loss was $364 thousand, or a $0.03 loss per diluted share; Cash and short-term investments as of December 31, 2020 totaled $150 million. Brett A. Cope, Powell's Chairman and Chief Executive Officer, stated, \"Despite ongoing challenges of the pandemic and traditional seasonality in year-end capital activity, we are encouraged by the sequential uptick in new awards. The $91 million in new orders further supports our strong backlog and improves our ability to plan the business for better financial performance over the balance of fiscal 2021. Although our core Oil, Gas and Petrochemical end markets remain challenged, we continue to experience more stable activity across the other sectors we serve, including Utility and Traction. While this moderate shift in mix may have an impact on the quality of our backlog looking forward, our ongoing strong execution of engineering only projects in our backlog should enable us to leverage our cost structure and workforce while the energy markets continue to recover.\"\nRevenues for the first quarter of fiscal 2021 totaled $106.6 million compared to $114.7 million in the fourth fiscal quarter of 2020 and revenue of $134.2 million for the first quarter of fiscal 2020. \nNew orders placed in the first quarter totaled $91 million compared to $57 million of net new orders in the fourth quarter of 2020 and $137 million of new orders in the first quarter of fiscal 2020. \nBacklog as of December 31, 2020 totaled $465 million, representing a sequential decline of 2% compared to $477 million as of September 30, 2020 and compared to $426 million as of December 31, 2019. \nNet loss for the first fiscal quarter was $0.4 million, or $0.03 loss per diluted share, compared to fourth quarter of fiscal 2020 net income of $3.0 million, or $0.25 per diluted share, and compared to net income of $2.8 million, or $0.24 per diluted share, in the first quarter of fiscal 2020. \nMr. Cope added, \"Our overall financial st...