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Mar 31, 2023
Powell Industries Q2 2023 Earnings Report
Powell Industries reported strong Q2 2023 results driven by strategic initiatives and market recovery.
Key Takeaways
Powell Industries announced record new orders of $508 million and a backlog exceeding $1.0 billion. Revenue increased by 34% to $171.4 million, with net income of $8.5 million, or $0.70 per diluted share. The company is confident in its ability to deliver improved revenues and earnings in fiscal 2023 and into fiscal 2024.
Revenues increased by 34% to $171 million.
Backlog more than doubled to a record $1.0 billion.
New orders more than tripled to $508 million.
Net income was $8.5 million, or $0.70 per diluted share.
Powell Industries
Powell Industries
Forward Guidance
Powell is confident that it will deliver improved revenues and earnings in fiscal 2023 and into fiscal 2024, encouraged by commercial activity and margin initiatives.
Positive Outlook
- Level of commercial activity across core end markets is encouraging.
- Margin initiatives are beginning to deliver positive results.
- Current cadence of project activity in $1.0 billion backlog.
- Capacity levels are strong.
- Balance sheet is strong.