Powell Industries Inc (POWL) 10-Q Quarterly Report May 2021

HOUSTON — May 4, 2021 — 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 2021 second

quarter ended March 31, 2021.

Fiscal Second Quarter Key Highlights:

•Revenues totaled $119 million;

•Backlog as of March 31, 2021 totaled $437 million;

•Net Loss was $0.2 million, or a $0.02 loss per diluted share;

•Cash and short-term investments as of March 31, 2021 totaled $154 million.

Brett A. Cope, Powell’s Chairman and Chief Executive Officer, stated, “Our consolidated revenues for the second quarter were in-line with our expectations and higher by 11% sequentially. Additionally, we were pleased with our cash performance, generating $6 million of free cash flow during the quarter. New orders in the second quarter were $89 million, consistent with the prior quarter, as macroeconomic conditions continue to create uncertainty across our Industrial end-markets. That was partially offset by the steady growth across our non-Industrial sectors, specifically, revenues from our Utility and Traction customers, which grew 17% and 9%, respectively, compared to last year. I want to acknowledge the hard work of our

The following information was filed by Powell Industries Inc (POWL) on Tuesday, May 4, 2021 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 - Debt Highlight
We believe that our strong working capital position, available borrowings under our credit facility and available cash should be sufficient to finance future operating activities, capital improvements, research and development initiatives and debt repayments for the foreseeable future.

Financial - Expense Highlight
Selling, General and Administrative Expenses Selling, general and administrative expenses decreased by 10%, or $1.9 million, to $16.7 million in the second quarter of Fiscal 2021, driven by the restructuring actions that were initiated in the third quarter of Fiscal 2020, as well as a reduction in personnel costs and lower travel-related costs resulting from the COVID-19 pandemic.
Financial - Expense Highlight
Selling, General and Administrative Expenses Selling, general and administrative expenses decreased by 6%, or $2.3 million, to $33.5 million in the six months ended March 31, 2021, partially due to the restructuring action taken in the third quarter of Fiscal 2020 as well as the decreased personnel costs and travel-related costs.
Financial - Income Highlight
For the three months ended March 31, 2021, the effective tax rate was favorably impacted by the relative amounts of income/loss recognized in various tax jurisdictions.
Financial - Cash Flow Highlight
This decrease in operating cash flow was primarily due to a decrease in accounts receivable collections and the timing of contract billing milestones.
Revenue - Product
These cyclical market conditions, which...Read more
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Net Income/Loss In the six...Read more
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We will take prudent measures...Read more
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Additionally, we now have the...Read more
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However, the recent declines in...Read more
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Beginning in late Fiscal 2018,...Read more
Revenue - Product
Revenue from utility markets increased...Read more
Revenue - Product
Revenue from utility markets increased...Read more
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For the six months ended...Read more
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Revenue from all other markets...Read more
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Revenue from all other markets...Read more
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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: 0000080420-21-000029
Submitted to the SEC: Wed May 05 2021 3:31:50 PM EST
Accepted by the SEC: Wed May 05 2021
Period: Wednesday, March 31, 2021
Industry: Switchgear And Switchboard Apparatus

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Powell Industries Inc (POWL) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

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