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Powell Industries Announces Fiscal 2023 Fourth Quarter And Full Year Results
HOUSTON, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom-engineered solutions for the management,
About this update from Powell Industries, Inc.
[{"type":"text","content":"HOUSTON, Dec. 05, 2023 (GLOBE NEWSWIRE) -- 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 fourth quarter and full year ended September 30, 2023. All comparisons are to the comparable period in the prior fiscal year, unless otherwise noted. Fourth Quarter Key Highlights: Revenues totaled $209 million, an increase of 28%;Gross profit was $52 million, or 24.9% of revenue, an improvement of 430 basis points;Net Income was $26 million, or $2.17 per diluted share, and included: Unusual items resulting in a benefit of $0.22 per diluted share; Net new orders totaled $171 million;As of September 30, 2023, backlog was $1.3 billion, an increase of 118%;Cash and short-term investments as of September 30, 2023, totaled $279 million. Full Year Key Highlights: Revenues totaled $699 million, an increase of 31%;Gross profit was $148 million, or 21.1% of revenue, an improvement of 510 basis points;Net Income was $54.5 million, or $4.50 per diluted share and included: Unusual items throughout Fiscal 2023 with a combined benefit of $0.38 per diluted share; Net new orders totaled $1.4 billion, approximately double the prior year. Brett A. Cope, Powell’s Chairman and Chief Executive Officer, stated, “The Powell team delivered another outstanding quarter to close out a record year for the Company. Our revenue grew 28% in the quarter, driven by strength across our core industrial end markets as well as continued growth within our Utility and Commercial and Other Industrial market sectors. We recorded $171 million of net new orders in the quarter, reflecting our expectation that new order activity will remain healthy, but return to a more normalized trend compared to previous quarters. Overall, Powell was awarded $1.4 billion of new orders in Fiscal 2023, which was almost double the prior year total, and marked the highest in the Company’s history. I’m incredibly proud of the entire Powell team’s performance to put together one of the best years in the Company’s history.” Fourth Quarter 2023 Results Revenues totaled $208.6 million compared to $192.4 million in the third quarter of Fiscal 2023 and $162.7 million in the fourth quarter of the prior year. These increases reflect our strong growth within th...