Business
POWELL INDUSTRIES ANNOUNCES FISCAL 2022 THIRD QUARTER RESULTS
HOUSTON, Aug. 2, 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, Aug. 2, 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 third quarter ended June 30, 2022.\nFiscal Third Quarter Key Highlights: \nRevenues totaled $135 million;Net Income was $9 million, or $0.76 per diluted share including;$1.6 million or $0.14 per diluted share gain on the sale of a non-core division, and$5.9 million or $0.49 per diluted share from a non-recurring tax benefit;New orders totaled $202 million;Backlog as of June 30, 2022, totaled $503 million;Cash and short-term investments as of June 30, 2022, totaled $99 million.Brett A. Cope, Powell's Chairman and Chief Executive Officer, stated, \"Powell delivered a solid fiscal third quarter as we continue to recover from challenges brought on by the pandemic including the on-going disruptions to the global supply chain. Our operating divisions across the company delivered solid execution as we continue to progress productivity improvements across all elements of the business including our engineering, manufacturing and strategic sourcing teams. The $202 million of new orders represents the highest quarterly total of new orders in over two years and more importantly, marks the fifth consecutive quarter of increasing gross new order activity. It is also notable that there were no single, large project orders in the quarter as market activity was much more broad and balanced across most of our end markets.\"\nRevenues for the third quarter totaled $135.5 million compared to $127.9 million in the second quarter and compared to $115.8 million in the third quarter in the prior year.\nNew orders placed in the third quarter totaled $202 million compared to $151 million in the second quarter and compared to $103 million of new orders in the third quarter of the prior fiscal year.\nBacklog as of June 30, 2022, totaled $503 million which represents sequential growth of 14% compared to $440 million as of March 31, 2022, and compares to $426 million as of June 30, 2021.\nNet income in the fiscal third quarter was $9.1 million, or $0.76 per diluted share, compared to a net loss of $1.2 million, or $0.10 per diluted share, in the fiscal second quarter and compared to a net loss of $2.0 million, or $0.17 per ...