Business
POWELL INDUSTRIES ANNOUNCES FISCAL 2023 FIRST QUARTER RESULTS
HOUSTON, Jan. 31, 2023 /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, Jan. 31, 2023 /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 2023 first quarter ended December 31, 2022. All comparisons are to the comparable period in the prior fiscal year, unless otherwise noted.\n\n \n \n \n \n \n \n\n \nFiscal First Quarter Key Highlights: \nBacklog increased 63% to a record $680 million;New orders totaled $212 million, an increase of $104 million;Revenues totaled $127 million, an increase of 19%;Book-to-bill ratio of 1.7x marked the fifth consecutive quarter above 1.0x;Net Income was $1 million, or $0.10 per diluted share;Cash and short-term investments as of December 31, 2022, totaled $111 million.Brett A. Cope, Powell's Chairman and Chief Executive Officer, stated, \"We are pleased with the start of our fiscal year in what is typically our seasonally slower quarter. Our gross margin performance of 15.3% marked a strong year-over-year improvement, while the $212 million of new orders in the period drove a book-to-bill ratio of 1.7x – the highest since our second quarter of fiscal 2020. Our strategic efforts to diversify the business and improve its long-term earnings profile also continue to yield tangible near-term wins. The Commercial and Other Industrial sector – which includes end markets where Powell has not historically focused – recorded revenue that roughly tripled compared to the first quarter last year. We are confident that the positive transformational steps being taken internally at the Company, supported by improving conditions across our core end markets, will drive another strong year for Powell.\"\nRevenues for the first fiscal quarter totaled $126.9 million, an increase of 19% compared to $106.6 million in the prior year, and compares to fiscal fourth quarter revenue of $162.7 million.\nGross profit in the quarter totaled $19.5 million, an increase of $6 million compared to the prior year. Gross margin in the period increased 270 basis points to 15.3% compared to 12.6% in the prior year.\nNew orders placed in the first quarter nearly doubled to $212 million compared to $108 million of net new orders in the prior year and compared to $259 million in the fiscal fourth quarter.\nBacklog as of December 31, 2022 totaled ...