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Jun 30, 2022
Powell Industries Q3 2022 Earnings Report
Powell Industries reported solid third quarter results, recovering from pandemic challenges and supply chain disruptions. Achieved the highest quarterly new orders in over two years, driven by broad market activity.
Key Takeaways
Powell Industries announced fiscal 2022 third quarter results with revenues totaling $135 million. Net income was $9 million, or $0.76 per diluted share, including a gain on the sale of a non-core division and a non-recurring tax benefit. New orders totaled $202 million, and backlog reached $503 million. The company is optimistic about ongoing recovery and strong financial footing.
Revenues totaled $135 million.
Net Income was $9 million, or $0.76 per diluted share, including gains from the sale of a non-core division and a non-recurring tax benefit.
New orders totaled $202 million, marking the highest quarterly total in over two years.
Backlog as of June 30, 2022, totaled $503 million, reflecting sequential growth of 14%.
Powell Industries
Powell Industries
Forward Guidance
The company anticipates gradually improving profitability as pricing, factory efficiencies, and cost controls continue to gain traction, further enabling the execution of a strong and growing order book. They are optimistic that the recovery across core end markets will persist in the coming quarters.
Positive Outlook
- Ongoing recovery across core end markets.
- Positive momentum in Utility and Commercial markets.
- Strong backlog closing the third quarter at $503 million.
- Steady progress offsetting headwinds through pricing actions.
- Efficiency improvements and strong supplier partnerships.
Challenges Ahead
- Macro inflationary pressure.
- Component availability challenges.
- Disruptions to the global supply chain.
- Continued impact of the pandemic.
- Unspecified risks related to forward-looking statements.