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Mar 31, 2020
Powell Industries Q2 2020 Earnings Report
Powell Industries reported strong Q2 2020 results with increased revenues, net income, and record backlog.
Key Takeaways
Powell Industries announced strong second quarter fiscal 2020 results, marked by a significant increase in revenues, net income, and a record-high backlog. The company reported revenues of $151.6 million and net income of $7.4 million, or $0.64 per diluted share. New orders totaled $301 million, contributing to a backlog of $566 million.
Revenues increased to $151.6 million compared to $123.7 million in Q2 2019.
Net income rose to $7.4 million, or $0.64 per diluted share, up from $1.0 million, or $0.08 per diluted share in Q2 2019.
New orders placed during the quarter totaled $301 million, a significant increase from $197 million in Q2 2019.
Backlog reached a record high of $566 million, positioning the company favorably for the remainder of 2020 and into 2021.
Powell Industries
Powell Industries
Forward Guidance
Powell Industries is well-positioned to execute on its record backlog, supported by a strong balance sheet. The company remains committed to managing challenges from COVID-19 and oil market impacts, focusing on supply chain and project execution for a profitable fiscal year.
Positive Outlook
- Strong balance sheet and liquidity
- Record backlog positions the company favorably
- Focus on supply chain management
- Commitment to project execution
- Experience navigating challenging market cycles
Challenges Ahead
- Challenges from COVID-19 pandemic
- Impact of global oil and gas markets
- Sensitivity to general economic and industrial conditions
- International political and economic risks
- Availability and price of raw materials