Powell Industries Inc (POWL) 10-Q Quarterly Report Wed Feb 05 2020

HOUSTON — FEBRUARY 4, 2020 — Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom engineered solutions for the management, control and distribution of electrical energy, today announced results for the fiscal 2020

first quarter ended December 31, 2019.

Revenues for the first quarter of fiscal 2020 were $134.2 million compared to revenues of $109.4 million in the first quarter of fiscal 2019. The Company reported net income for the first quarter of 2020 of $2.8 million, or $0.24 per diluted share, compared to a net loss of $2.7 million, or $0.23 per diluted share, for the first quarter of fiscal 2019.

New orders placed during the first quarter of fiscal 2020 totaled $137 million compared to $162 million in the fourth quarter of fiscal 2019 and $172 million in the first quarter of fiscal 2019. The Company’s backlog as of December 31, 2019 was $426 million, an increase of 2% sequentially from $419 million at September 30, 2019 and compared to $322 million as of December 31, 2018.

The following information was filed by Powell Industries Inc (POWL) on Tuesday, February 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Powell Industries Inc's 10-Q Quarterly Report:

Financial - Earnings Highlight
In the first quarter of Fiscal 2020, net income of $2.8 million, or $0.24 per diluted share, improved from a net loss of $2.7 million, or $0.23 per diluted share, in the first quarter of Fiscal 2019, primarily due to improved market conditions and efficiencies from increased volume in our domestic and international manufacturing facilities.

Financial - Earnings Highlight
Gross profit as a percentage of revenues increased to 16% in the first quarter of Fiscal 2020, compared to 13% in the first quarter of Fiscal 2019 due to improved market conditions and efficiencies from increased volume in our domestic and international manufacturing facilities.
Financial - Debt Highlight
We believe that our strong working capital position, available borrowings under our credit facility (U.S. Revolver) and available cash should be sufficient to finance future operating activities, capital improvements, research and development initiatives and debt repayments for the foreseeable future.
Revenue - Product Highlight
Quarter Ended December 31, 2019 Compared to the Quarter Ended December 31, 2018 (Unaudited) Revenues increased by 23%, or $24.8 million, to $134.2 million in the first quarter of Fiscal 2020, primarily due to improved market conditions in our petrochemical and oil and gas markets over the past few quarters.
Revenue - Product Highlight
Our increase in project volume typically requires cash to fund operations.
Other - Other
We continue to focus on...Read more
Legal - Other
Our operating results also have...Read more
Revenue - Geography
For the three months ended...Read more
Financial - Cash Flow
This decrease in operating cash...Read more
Financial - Earnings
Our operating results have been...Read more
Other - Other
More recently, the combination of...Read more
Financial - Expense
Selling, general and administrative expenses...Read more
Other - Other
We believe this change in...Read more
Revenue - Product
Revenue from our oil and...Read more
Revenue - Product
The increased orders in Fiscal...Read more
Revenue - Product
Revenues from utility markets increased...Read more
Other - Other
The effective tax rate for...Read more
Revenue - Product
International revenues increased by 44%,...Read more
Financial - Earnings
Gross profit increased by 49%,...Read more
Revenue - Product
Domestic revenues increased by 18%,...Read more
Other - Other
Oil and gas commodity price...Read more
Financial - Expense
These factors may result in...Read more
Other - Other
Effective October 1, 2019, we...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Powell Industries Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: POWL
CIK: 80420
Form Type: 10-Q Quarterly Report
Accession Number: 0000080420-20-000005
Submitted to the SEC: Wed Feb 05 2020 3:01:22 PM EST
Accepted by the SEC: Wed Feb 05 2020
Period: Tuesday, December 31, 2019
Industry: Switchgear And Switchboard Apparatus

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Powell Industries Inc (POWL) SEC Filing 10-Q Quarterly report for the period ending Tuesday, December 31, 2019

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