Powell Industries (POWL) Misses Q1 EPS by 8c, Revenues Miss

Powell Industries (NASDAQ: POWL) reported Q1 EPS of $0.24, $0.08 worse than the analyst estimate of $0.32. Revenue for the quarter came in at $134.2 million versus the consensus estimate of $136.71 million.

Brett Cope, Powell's Chairman and Chief Executive Officer, stated, "We were pleased with our fiscal 2020 first quarter performance, despite the seasonal impact at the end of the calendar year. Our backlog position entering Fiscal 2020 positions the business to deliver a year of solid returns based on the convertibility and quality of our order book. As we progress through Fiscal 2020, we are not only focusing on backlog execution, but also leveraging the commercial pipeline to help offset the cyclical nature of our core end markets."

OUTLOOK

Commenting on the company's outlook, Michael Metcalf, Powell's Chief Financial Officer, said, "From a profitability perspective, the business had the best fiscal first quarter dating back to fiscal 2014, driven by $134 million of revenue, which was generated predominately across our core oil, gas and petrochemical end markets. We remain committed to delivering another successful year from a profitability perspective, while investing in future growth opportunities by leveraging our research and development investment in technology programs throughout 2020."

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

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