Powell expects deliver improved revenues in FY23 and FY24

Commenting on the Company’s outlook, Michael Metcalf, Powell’s CFO said, "We are very encouraged by the level of commercial activity across our core end markets, while many of the margin initiatives that we have been working on are beginning to deliver positive results. Further, the current cadence of project activity in our $1.0B backlog, combined with our capacity levels and the strength of the balance sheet, put us in a strong position to execute on our order book and fulfill our commitments to our customers. Concurrent with these operational objectives, we continue to evaluate both new organic investments into the business as well as inorganic opportunities as we progress our corporate strategy. As such, and given the current activity levels across our market sectors, we took an important step forward in the Q2, amending our credit facility by increasing the capacity in order to ensure our continued commercial success. Taken altogether, we are confident that Powell will deliver improved revenues and earnings in FY23 and into FY24."