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Jun 30, 2023
Powell Industries Q3 2023 Earnings Report
Powell Industries reported strong Q3 2023 results driven by increased revenues, record backlog, and improved profitability.
Key Takeaways
Powell Industries announced fiscal 2023 third quarter results, reporting a 42% increase in revenues to $192 million, a record backlog of $1.3 billion, and net income more than doubled to $19 million, or $1.52 per diluted share. The company's performance was supported by strong commercial activity and solid project execution.
Revenues increased 42% to $192 million.
Backlog nearly tripled to a record $1.3 billion.
New orders totaled $505 million, an increase of $303 million.
Net income more than doubled to $19 million, or $1.52 per diluted share.
Powell Industries
Powell Industries
Forward Guidance
Powell anticipates continued strength across most of its core end markets into fiscal 2024 and is encouraged by the progress made on margin accretion.
Positive Outlook
- Continued strength across most core end markets into fiscal 2024
- Progress made on margin accretion
- Focused on operational priorities as we execute our record backlog
- Well positioned and confident in our ability to effectively execute for our customers
- Variables will continue to support the momentum of the business as we close out fiscal 2023 and look forward to fiscal 2024
Challenges Ahead
- Recognize the typical project challenges of timing and mix