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Powell Industries Announces Fiscal 2021 Fourth Quarter And Full Year Results
HOUSTON, Dec. 7, 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, Dec. 7, 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 fourth quarter and full year ended September 30, 2021.\nFiscal Fourth Quarter Key Highlights: \nRevenues totaled $130 million; Net Income was $3.3 million, or $0.28 per diluted share; New orders totaled $121 million; Backlog as of September 30, 2021 totaled $415 million; Cash and short-term investments as of September 30, 2021 totaled $134 million. Fiscal Full Year Key Highlights: \nRevenues totaled $471 million; Net Income was $0.6 million, or $0.05 per diluted share;Brett A. Cope, Powell's Chairman and Chief Executive Officer, stated, \"Our fourth quarter results reflect a strong finish to what was a challenging fiscal year marked by project delays in our Industrial end markets as well as inflationary cost pressures for key commodities such as steel and copper. The $121 million of new orders in the quarter marked another encouraging sequential increase as our core Industrial markets continue to stabilize and gain momentum. During the quarter, we experienced growth across all of our core end markets versus the prior year, with the Industrial sector higher by 27%, while our Traction and Utility sectors performed very well with growth of 53% and 15%, respectively. Solid project execution and factory efficiencies generated a gross margin of 17.4% in the quarter – a sequential increase of 260 basis points. I'm incredibly proud of our team's performance this year and their focus on providing the quality service that has defined Powell through a difficult operating environment.\" \nRevenues for the fourth quarter of fiscal 2021 totaled $129.5 million compared to $115.8 million in the third fiscal quarter fiscal of 2021 and $114.7 million in the fourth fiscal quarter of 2020.\nNew orders in the fourth quarter totaled $121 million compared to $103 million in the third quarter of fiscal 2021 and $57 million of net new orders in the fourth quarter of fiscal 2020. The $57 million of net new orders in the prior year included $75 million of gross new orders, partially offset by $18 million of scope reductions and cancelled orders. Backlog as of September 30, 2021 totaled $415 million which represents a seq...