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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%.
Powell Industries
Powell Industries
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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