Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom-engineered solutions for the management, control, and distribution of electrical energy, freshly declared results for the fiscal 2k19 4th-quarter finished September 30, 2k19.
Revenues for the 4th-quarter of fiscal 2k19 were $148.50M compared to revenues of $134.90M for the 4th-quarter of fiscal 2k18. The Company reported net income for the 4th-quarter of 2k19 of $6.50M, or $0.560 for each diluted share, compared to net income of $1.50M, or $0.130 for each diluted share, for the 4th-quarter of fiscal 2k18.
New orders placed throughout the 4th-quarter of fiscal 2k19 totalled $162.00M compared to $145.00M in the 3rd-quarter of fiscal 2k19 and compared to $78M in the 4th-quarter of fiscal 2k18. The Company’s backlog as of September 30, 2k19 was $419.00M, up 3.0 percent sequentially from $407.00M as of June 30, 2k19 and compared to $261.00M at the end of previous year’s 4th-quarter.
Brett A. Cope, Powell’s President, and Chief Executive Officer, stated, “Our 4th-quarter results represent solid operational performance across the Company. Throughout fiscal 2k19, our teams have executed well on our gradually improving backlog, while also effectively managing our cost structure to meet inclined customer demand. The international markets that support our operations in both Canada and the UK began to show moderate improvement in mid-year financial 2k19, which have helped to contribute to our favorable year-end backlog position.”
Cope added, “New orders in our 4th-quarter were $162.00M and included solid contributions from our core oil, gas, and petrochemical customers, resulting in full-year 2k19 new orders of $676.00M, a 47.00 percent incline over fiscal 2k18. Additionally, free cash flow in the current quarter was strong, generating $34.00M dollars, resulting in $64.00M dollars of free cash flow for the full financial year finished September 30, 2k19.”