Business
POWELL INDUSTRIES ANNOUNCES FISCAL 2022 SECOND QUARTER RESULTS
HOUSTON, May 3, 2022 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom-engineered solutions for the management, control and
About this update from Powell Industries, Inc.
[{"type":"text","content":"HOUSTON, May 3, 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 second quarter ended March 31, 2022.\nFiscal Second Quarter Key Highlights: \nRevenues totaled $128 million;Net Loss was $1.2 million, or a loss of $0.10 per diluted share;New orders totaled $151 million;Backlog as of March 31, 2022 totaled $440 million;Cash and short-term investments as of March 31, 2022 totaled $114 million.Brett A. Cope, Powell's Chairman and Chief Executive Officer, stated, \"Powell delivered improved second quarter results that reflected ongoing initiatives supporting diligent and deliberate strategic efforts to diversify our business mix and broaden our Services offerings. Revenue totaled $128 million with associated gross margin of 14.9%, an improvement of 230 basis points sequentially, as we continue to navigate this challenging cost environment and the timing of new projects. Most notably, new orders in the quarter totaled $151 million which marks four consecutive quarters of increasing new orders despite the lack of a full recovery in our core industrial end markets. The strength across our utility and light commercial sectors clearly demonstrates the focused efforts to grow our presence in the non-industrial markets where Powell has not historically maintained a sustainable base of commercial activity. Overall, we are encouraged by both the direction of the recovery within our end markets as well as the positive developments we are seeing from our strategic initiatives.\"\nRevenues for the second quarter totaled $127.9 million compared to $106.6 million in the first quarter and compared to $118.7 million in the second quarter in the prior year.\nNew orders placed in the second quarter totaled $151 million which compares to $122 million of gross new orders in the first fiscal quarter and compares to $89 million of new orders in the second quarter of the prior fiscal year.\nBacklog as of March 31, 2022 totaled $440 million which represents sequential growth of 6% compared to $416 million as of December 31, 2021 and compares to $437 million as of March 31, 2021.\nNet loss for the fiscal second quarter was $1.2 million, or $0.10 per diluted share, compared to a net loss o...