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Dec 31, 2022
Powell Industries Q1 2023 Earnings Report
Powell Industries announced first quarter fiscal 2023 results, marked by a significant increase in backlog and new orders, alongside revenue growth and improved gross margin.
Key Takeaways
Powell Industries reported a strong start to fiscal 2023 with a 19% increase in revenues, a record backlog of $680 million, and a book-to-bill ratio of 1.7x. Net income was $1 million, or $0.10 per diluted share.
Backlog 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%.
Net Income was $1 million, or $0.10 per diluted share.
Powell Industries
Powell Industries
Forward Guidance
Powell anticipates revenue and earnings growth in fiscal 2023, driven by commercial success, a strong backlog, margin initiatives, and a solid balance sheet.
Positive Outlook
- Continued commercial success across core end markets.
- Strong backlog level and quality.
- Continued focus on accretive margin initiatives.
- Strength of balance sheet.
- Optimism that momentum will continue.