Business
POWELL INDUSTRIES ANNOUNCES FISCAL 2022 FIRST QUARTER RESULTS
HOUSTON, Feb. 8, 2022 /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. 8, 2022 /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 2022 first quarter ended December 31, 2021.\nFiscal First Quarter Key Highlights: \nRevenues totaled $107 million; Net Loss was $2.8 million, or a loss of $0.24 per diluted share; New orders of $108 million included $122 million of gross new orders, partially offset by $14 million of scope reductions; Backlog as of December 31, 2021 totaled $416 million; Cash and short-term investments as of December 31, 2021 totaled $102 million. Brett A. Cope, Powell's Chairman and Chief Executive Officer, stated, \"Operationally, our first fiscal quarter was largely aligned with the seasonal softness that we have experienced in prior periods, while commercial activity across our end markets and the cadence of new orders has remained steady. On a gross basis, new orders of $122 million marks the third consecutive quarter of increased order activity as the industrial end markets steadily recover from the lower activity levels experienced throughout fiscal 2020 and 2021. Inflation however, continues to pressure our gross margins as key commodities such as steel and copper are lifting our materials costs. Additionally, we are executing backlog on projects that were booked in fiscal 2020 and 2021, that are presently exposed to the higher cost levels, which we outlined last quarter. We are actively working to mitigate these macroeconomic variables, but do expect that margin pressure will persist into the second half of our fiscal 2022. Overall, we are pleased with the steady recovery in our core industrial end markets while our Traction and Utility markets remain active, as evidenced by our book-to-bill ratio in the current fiscal quarter of 1.0x.\" \nRevenues for the first quarter totaled $106.6 million compared to $129.5 million in the fourth fiscal quarter of 2021 and compared to $106.6 million in the first fiscal quarter 2021.\nNew orders placed in the first quarter of $108 million included $122 million of gross new orders, partially offset by $14 million of scope reductions on a previously booked project. The $108 million of net new orders is compared to $121 million in the fourth quarter of fiscal 2021 and to $91...