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Sep 30, 2022
Powell Industries Q4 2022 Earnings Report
Powell Industries reported a revenue increase of 26% and new orders increase of $138 million compared to the prior year.
Key Takeaways
Powell Industries reported a solid fourth quarter with a 26% increase in revenue and record backlog of $592 million. The company's performance was driven by improved activity in the Oil, Gas & Petrochemical markets and strong project execution.
Revenues totaled $163 million, an increase of 26%.
Net Income was $9 million, or $0.73 per diluted share, and included $2 million related to a prior year cost recovery on a municipal project, generating $0.17 per diluted share.
New orders totaled $259 million, an increase of $138 million.
Backlog was a record $592 million, an increase of 43%.
Forward Guidance
Powell Industries anticipates revenue growth in most of its key market sectors and expects continued improvement in project quality, resulting in increased profitability in fiscal 2023.
Positive Outlook
- Commercial activity is encouraging across core end markets.
- Current order book is strong at $592 million.
- Revenue growth is anticipated in most key market sectors.
- Pricing and cost actions are expected to improve project quality.
- Increased profitability is expected in fiscal 2023.
Challenges Ahead
- Typical seasonality is experienced during the first fiscal quarter.
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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