Business
POWELL INDUSTRIES ANNOUNCES FISCAL 2022 FOURTH QUARTER AND FULL YEAR RESULTS
HOUSTON, Dec. 5, 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, Dec. 5, 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 fourth quarter and full year ended September 30, 2022. All comparisons are to the comparable period in the prior fiscal year, unless otherwise noted.\nFiscal Fourth Quarter Key Highlights: Revenues totaled $163 million, an increase of 26%;Net Income was $9 million, or $0.73 per diluted share, and included:$2 million related to a prior year cost recovery on a municipal project, generating $0.17 per diluted share;New orders totaled $259 million, an increase of $138 million;As of September 30, 2022, backlog was a record $592 million, an increase of 43%;Cash and short-term investments as of September 30, 2022, totaled $117 million.Full Year Key Highlights: Revenues totaled $533 million, an increase of 13%;Net Income was $14 million, or $1.15 per diluted share;During Fiscal 2022, the Company had three non-recurring events, that when combined, contributed $0.80 per diluted share;New orders totaled $719 million, an increase of 78%.Brett A. Cope, Powell's Chairman and Chief Executive Officer, stated, \"We finished our fiscal year with solid fourth quarter revenue growth of 26% compared to the prior year and $259 million of new orders – the highest total since the second quarter of fiscal 2020. Activity in our core Oil, Gas & Petrochemical markets continues to improve from the pandemic lows, as we booked a large industrial order to support the production of Liquefied Natural Gas. The volume of small to mid-sized project activity continued through the fiscal year end period, spanning across all of our core end markets, resulting in a record $592 million of ending backlog for the business. Strong project execution, higher volume with a favorable mix of services related projects, as well as the recovery of a prior year change order related to a municipal project, all contributed to a gross profit margin of 20.6% in the quarter. This strong performance is in large part a direct result of our focused and deliberate efforts around our strategic initiatives to diversify our business, strengthen our services offerings, emphasize technology and ensure that Powell is positioned for future success.\"\nRevenues for...