Powell Industries Inc (POWL) 10-Q Quarterly Report Wed May 06 2020

HOUSTON — MAY 5, 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

second quarter ended March 31, 2020.

Revenues for the second quarter of fiscal 2020 were $151.6 million compared to revenues of $134.2 million for the first quarter of fiscal 2020 and revenues of $123.7 million for the second quarter of fiscal 2019. The Company reported net income for the second quarter of 2020 of $7.4 million, or $0.64 per diluted share, compared to net income of $2.8 million, or $0.24 per diluted share, for the first quarter of fiscal 2020 and net income of $1.0 million, or $0.08 per diluted share for the second quarter of fiscal 2019.

New orders placed during the second quarter of fiscal 2020 totaled $301 million compared to $137 million in the first quarter of fiscal 2020 and $197 million in the second quarter of fiscal 2019. The Company’s backlog as of March 31, 2020 was $566 million, an increase of 33%

The following information was filed by Powell Industries Inc (POWL) on Tuesday, May 5, 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 second quarter of Fiscal 2020, net income of $7.4 million, or $0.64 per diluted share, improved from net income of $1.0 million, or $0.08 per diluted share, in the second quarter of Fiscal 2019, primarily due to improved market conditions coming into Fiscal 2020 and efficiencies from increased volume in our domestic and Canadian 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
Six Months Ended March 31, 2020 Compared to the Six Months Ended March 31, 2019 (Unaudited) Revenues increased by 23%, or $52.6 million, to $285.7 million in the six months ended March 31, 2020, primarily due to improved market conditions in our petrochemical and oil and gas markets beginning in late Fiscal 2018.
Revenue - Product Highlight
Revenues increased by 22%, or $27.8 million, to $151.6 million in the second quarter of Fiscal 2020, primarily due to improved market conditions in our petrochemical and oil and gas markets beginning in late Fiscal 2018.
Other - Other Highlight
Certain of our customers have asked that we delay our manufacturing on their projects as their operations have been negatively impacted by this pandemic and the reduced oil and gas demand and steep declines in oil prices.
Revenue - Product
Our increase in project volume...Read more
Financial - Cash Flow
As a result of the...Read more
Revenue - Geography
For the three months ended...Read more
Legal - Other
Our operating results also have...Read more
Financial - Expense
We will take prudent measures...Read more
Revenue - Geography
For the six months ended...Read more
Other - Other
The effective tax rate for...Read more
Financial - Cash Flow
This decrease in operating cash...Read more
Financial - Expense
Selling, general and administrative expenses...Read more
Financial - Expense
Selling, general and administrative expenses...Read more
Financial - Earnings
Our operating results are impacted...Read more
Other - Other
Beginning in late Fiscal 2018,...Read more
Financial - Cash Flow
As discussed further under the...Read more
Revenue - Product
Revenue from utility markets increased...Read more
Revenue - Product
Revenue from our oil and...Read more
Revenue - Product
Revenue from utility markets increased...Read more
Revenue - Product
The increased orders in Fiscal...Read more
Other - Other
The effective tax rate for...Read more
Other - Other
The effective tax rate for...Read more
Revenue - Product
International revenues increased by 16%,...Read more
Revenue - Product
International revenues increased by 28%,...Read more
Financial - Earnings
Gross profit increased by 48%,...Read more
Financial - Earnings
Gross profit increased by 48%,...Read more
Revenue - Product
Domestic revenues increased by 24%,...Read more
Revenue - Product
Domestic revenues increased by 21%,...Read more
Other - Other
Oil and gas commodity price...Read more
Financial - Earnings
Gross profit as a percentage...Read more
Financial - Earnings
Gross profit as a percentage...Read more
Financial - Expense
We have and may need...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: 0000080420-20-000020
Submitted to the SEC: Wed May 06 2020 2:42:03 PM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Switchgear And Switchboard Apparatus

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Powell Industries Inc (POWL) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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