Business
POWELL INDUSTRIES ANNOUNCES FISCAL 2023 THIRD QUARTER RESULTS
HOUSTON, Aug. 1, 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, Aug. 1, 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 third quarter ended June 30, 2023. All comparisons are to the comparable period in the prior fiscal year, unless otherwise noted.\nFiscal Third Quarter Key Highlights: \nRevenues increased 42% to $192 million;Backlog(1) nearly tripled to a record $1.3 billion;New orders(2) totaled $505 million, an increase of $303 million;Gross margin improved 810 basis points to 22.2%;Net Income more than doubled to $19 million, or $1.52 per diluted share; andCash and short-term investments as of June 30, 2023 totaled $210 million.Brett A. Cope, Powell's Chairman and Chief Executive Officer, stated, \"Powell delivered another quarter of financial results that were among the best in our history, as commercial activity across our end markets and our solid project execution are supporting our continued strong performance. We recorded new orders that exceeded $500 million for the second consecutive quarter, which included two greenfield LNG projects on the Gulf Coast that combined for roughly $200 million. Order activity remains healthy, which has resulted in growing the backlog to $1.3 billion at the end of the period, a 31% increase from the prior quarter, and the highest level in the Company's history. Although our end markets remain strong, the pace at which our backlog has grown over the last nine months as a result of the large LNG and petrochemical project bookings, will likely be more measured as we navigate through the next several quarters. From a profitability perspective, we remain pleased with our operational execution, increasing our gross margin to 22.2% in the quarter, which is 810 basis points better versus the prior year. Taken altogether, our focused efforts on our strategic initiatives and our outlook for the remainder of fiscal 2023 and into 2024 leave us very confident that the momentum that we have realized throughout this past fiscal year will continue into fiscal 2024.\"\nRevenues in the third fiscal quarter totaled $192.4 million, an increase of 42% compared to $135.5 million in the prior year and a sequential increase of 12% compared to $171.4 million in the second fiscal quarter.\nGross...