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

Powell Industries Inc

CIK: 80420 Ticker: POWL

Exhibit 99.1
powelllogoa131.jpg        PRESS RELEASE
For immediate release

                            Contacts:    Michael W. Metcalf, CFO
                                    Powell Industries, Inc.
713-947-4422

Robert Winters or Ryan Coleman
Alpha IR Group
POWL@alpha-ir.com
312-445-2870


POWELL INDUSTRIES ANNOUNCES FISCAL 2021 SECOND QUARTER RESULTS

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
1

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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Definitive Proxy Statement (Form DEF 14A)
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Powell Industries Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Commitments And Contingencies
Commitments And Contingencies (Details)
Detail Of Selected Balance Sheet Accounts
Detail Of Selected Balance Sheet Accounts (Tables)
Detail Of Selected Balance Sheet Accounts - Activity In Allowance For Credit Losses (Details)
Detail Of Selected Balance Sheet Accounts - Activity In Product Warranty Accrual (Details)
Detail Of Selected Balance Sheet Accounts - Components Of Inventories (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Calculation Of The Effective Tax Rate (Details)
Leases
Leases (Tables)
Leases - Lease Costs (Details)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Summary Of Operating Lease Assets And Liabilities (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Components Of Long-Term Debt (Details)
Long-Term Debt - Narrative (Details)
Overview And Summary Of Significant Accounting Policies
Overview And Summary Of Significant Accounting Policies (Policies)
Revenue
Revenue (Tables)
Revenue - Contract Balances (Details)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Narrative (Details)
Revenue - Performance Obligations (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Schedule Of Restricted Stock Units Activity (Details)
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

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

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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