Powell reports Q2 EPS 70c vs. (10c) last year

Reports Q2 revenue $171.44M vs. $127.85M last year . Backlog as of March 31 was a record $1.0B, an increase of 50% compared to $680M as of December 31, 2022. Brett A. Cope, Powell’s Chairman and CEO, stated, "Powell delivered quarterly results that were among the best in its history, as our continued execution against our strategic initiatives combined with the cyclical recovery of our core markets drove new orders of $508 million – our highest ever quarterly total. We also delivered $171M of revenue, an increase of 34% compared to last year, which resulted in a book-to-bill ratio of 3.0x – the sixth consecutive quarter above 1.0x. Further, our order backlog is now over $1.0B as the breadth of order activity across our end markets remains healthy and is complementing a strong recovery of commercial activity within our core Industrial markets. Overall, we feel very confident that our strategic efforts are positioning Powell for long-term success and that we are well-positioned to drive improved earnings in FY23."