Powell Industries (NASDAQ: POWL) reported Q4 EPS of $0.25, $0.01 worse than the analyst estimate of $0.26. Revenue for the quarter came in at $115 million versus the consensus estimate of $120.17 million.

Key Highlights:

• Revenues for the fourth quarter of fiscal 2020 totaled $115 million,
• Net Income in the fiscal fourth quarter of 2020 was $3.0 million or $0.25 per diluted share,
• Cash and short-term investments as of September 30, 2020 totaled $179 million,
• Backlog as of September 30, 2020 totaled $477 million.

Brett A. Cope, Powell's Chairman and Chief Executive Officer, stated, "We closed our fiscal 2020 with another quarter of strong project execution despite the lower volume across our core Oil, Gas, & Petrochemical markets. Consolidated gross margin in our fiscal fourth quarter grew sequentially by 85 basis points, while we generated $18 million of free cash flow as we maintained our diligent focus on working capital initiatives and cost containment efforts. As we navigate through this current cycle, we continue to receive and adjust to customer requested changes impacting project schedules as our clients proactively adapt to the current environment. As we have seen in prior downturns, we are confident that the majority of this work and associated scheduling will improve as clarity within the industrial sector is restored. Powell has weathered prior cycles of lower volumes and customer activity, and we remain confident in our position within our core markets as well as emerging new opportunities that will leverage our expertise."

For earnings history and earnings-related data on Powell Industries (POWL) click here.