Powell sees FY24 activity, backlog continuing into FY24

Commenting on the Company’s outlook, Michael Metcalf, Powell’s Chief Financial Officer, said, “We are encouraged by the commercial activity across most of our core end markets and optimistic that this will continue throughout the remainder of Fiscal 2024. Considering this, coupled with both the quality and size of our backlog, we are confident that we will sustain the solid financial results that we delivered in Fiscal 2023, and anticipate that this momentum will continue into Fiscal 2024. We also announced today that our Board has approved a 1% increase to our common stock dividend for the second consecutive year. This action demonstrates both our commitment to delivering shareholders’ return as well as our prudent approach to capital allocation in order to ensure sufficient liquidity to fund our expanding working capital requirements and growth aspirations.”