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Dec 31, 2019
Powell Industries Q1 2020 Earnings Report
Powell Industries reported first quarter results for fiscal year 2020, with increased revenues and a return to profitability.
Key Takeaways
Powell Industries reported a strong first quarter for fiscal year 2020, with revenues increasing to $134.2 million and a net income of $2.8 million, or $0.24 per diluted share. The company's backlog also increased to $426 million.
Revenues increased to $134.2 million compared to $109.4 million in the first quarter of fiscal 2019.
Net income was $2.8 million, or $0.24 per diluted share, compared to a net loss of $2.7 million, or $0.23 per diluted share, for the first quarter of fiscal 2019.
New orders totaled $137 million compared to $172 million in the first quarter of fiscal 2019.
Backlog as of December 31, 2019 was $426 million, compared to $322 million as of December 31, 2018.
Powell Industries
Powell Industries
Forward Guidance
Powell Industries is committed to delivering another successful year from a profitability perspective, while investing in future growth opportunities by leveraging research and development investment in technology programs throughout 2020.
Positive Outlook
- Best fiscal first quarter profitability since fiscal 2014.
- Driven by $134 million of revenue.
- Revenue generated predominately across core oil, gas and petrochemical end markets.
- Committed to delivering another successful year from a profitability perspective.
- Investing in future growth opportunities by leveraging R&D investment in technology programs throughout 2020.