Powell Industries Files 2024 10-K

TL;DR

POWELL FILES 2024 10-K: FULL FINANCIALS OUT NOW

AI Summary

Powell Industries Inc. filed its 2024 10-K report on November 20, 2024, detailing its fiscal year ending September 30, 2024. The company, based in Houston, TX, operates in the switchgear and switchboard apparatus industry. The filing covers financial performance and business operations for the fiscal year.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Powell Industries' financial health and operational performance for the fiscal year 2024, enabling informed investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags or significant new risks highlighted.

Key Numbers

• 20240930 — Fiscal Year End (The end date of the reporting period.)
• 20241120 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• POWELL INDUSTRIES INC (company) — Filer of the 10-K report
• 20240930 (date) — Fiscal year end date
• 20241120 (date) — Filing date of the 10-K
• HOUSTON, TX (location) — Company headquarters location

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share POWL NASDAQ Global Market S
• $0.5 million — l property for a total consideration of $0.5 million. Intellectual property not covered by p
• $1.3 billion — Our backlog at September 30, 2024 was $1.3 billion. We anticipate that approximately $849
• $849 million — llion. We anticipate that approximately $849 million of Fiscal 2024 ending backlog will be r

Filing Documents

• powl-20240930.htm (10-K) — 1322KB
• exhibit4descriptionofpowel.htm (EX-4) — 18KB
• exhibit1021conformingchang.htm (EX-10.21) — 84KB
• exhibit19insidertradingpol.htm (EX-19) — 62KB
• exhibit21110k2024.htm (EX-21.1) — 12KB
• exhibit23110k2024.htm (EX-23.1) — 3KB
• exhibit31110k2024.htm (EX-31.1) — 10KB
• exhibit31210k2024.htm (EX-31.2) — 11KB
• exhibit32110k2024.htm (EX-32.1) — 5KB
• exhibit32210k2024.htm (EX-32.2) — 5KB
• image_0a.jpg (GRAPHIC) — 11KB
• image_1a.jpg (GRAPHIC) — 0KB
• powl-20240930_g1.jpg (GRAPHIC) — 125KB
• 0000080420-24-000086.txt ( ) — 8344KB
• powl-20240930.xsd (EX-101.SCH) — 50KB
• powl-20240930_cal.xml (EX-101.CAL) — 89KB
• powl-20240930_def.xml (EX-101.DEF) — 216KB
• powl-20240930_lab.xml (EX-101.LAB) — 714KB
• powl-20240930_pre.xml (EX-101.PRE) — 488KB
• powl-20240930_htm.xml (XML) — 1083KB

Risk Factors

Item 1A. Risk Factors 8

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 21

Legal Proceedings

Item 3. Legal Proceedings 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21 Information About Our Executive Officers 22 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23

[Reserved]

Item 6. [Reserved] 25

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 32

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 33

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 62

Controls and Procedures

Item 9A. Controls and Procedures 62

Other Information

Item 9B. Other Information 62

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 62 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 63

Executive Compensation

Item 11. Executive Compensation 63

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 63

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 63

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 63 PART IV

Exhibits. Financial Statement Schedules

Item 15. Exhibits. Financial Statement Schedules 64

Form 10-K Summary

Item 16. Form 10-K Summary 66

Signatures

Signatures 67 2 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Unless otherwise indicated, all references to "we," "us," "our," "Powell" or "the Company" include Powell Industries, Inc. and its consolidated subsidiaries. This Annual Report on Form 10-K (Annual Report) contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). All statements, other than statements of historical fact, included in this report are forward-looking statements. Such forward-looking statements include, but are not limited to, projections and estimates of the timing and success of specific projects and our future backlog, revenues, income, acquisitions, liquidity and capital expenditures, as well as other statements that are not historical facts contained in or incorporated by reference into this report. Statements that contain words such as "believes," "expects," "anticipates," "intends," "estimates," "continue," "should," "could," "may," "plan," "project," "predict," "potential," "possible," "would," "outlook," "will" or similar expressions are forward-looking statements. These forward-looking statements speak only as of the date of this report. We disclaim any obligation to update or revise these statements unless required by applicable law, whether as a result of new information, future events or otherwise. We caution you not to unduly rely on them. We have based these forward-looking statements on expectations and assumptions of management at the time the statements were made. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties that could cause actual results to differ materially from those included in this report, most of which are difficult to predict and many

Business

Item 1. Business Overview Powell Industries, Inc. is a Delaware corporation founded by William E. Powell in 1947. We develop, design, manufacture and service custom-engineered equipment and systems that distribute, control and monitor the flow of electrical energy and provide protection to motors, transformers and other electrically powered equipment. Our major subsidiaries, all of which are wholly owned, include Powell Electrical Systems, Inc.; Powell Canada, Inc.; Powell (UK) Limited; and Powell Industries International, B.V. We are headquartered in Houston, Texas, and primarily serve the oil and gas and petrochemical markets, the electric utility market, and commercial and other industrial markets. Beyond these major markets, we also provide products and services to the light rail traction power market and other markets that include universities and government entities. We are continuously developing new channels to electrical markets through original equipment manufacturers and distribution market channels. Our website is powellind.com . We make available, free of charge on or through our website, electronic copies of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as is reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Additionally, all of our reports filed with the SEC are available via their website at sec.gov . References to Fiscal 2024, Fiscal 2023 and Fiscal 2022 used throughout this Annual Report relate to our fiscal years ended September 30, 2024, 2023 and 2022, respectively. Products and Services Our principal products include integrated power control room substations (PCRs ), custom-engineered modules, electrical houses (E-Houses), traditional and arc-resistant distribution switchgear and control gear, medium-voltage cir

Risk Factors

Item 1A. Risk Factors Our business is subject to a variety of risks and uncertainties, including, but not limited to, the risks and uncertainties described below. If any of the following risks occur, the business's financial condition, cash flows, liquidity and results of operations may be negatively impacted, and we may not be able to achieve our quarterly, annual or long-range plans. Additional risks and uncertainties not known to us or not described below may also negatively impact our business and results of operations. This Annual Report also includes statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995 and should be read in conjunction with the discussion under "Forward-Looking Statements" above. Risk Factors Related to our Business and Industry Our business is subject to the cyclical nature of the end markets that we serve. This cyclicality has had, and may continue to have, an adverse effect on our operating results. The end markets that we serve have historically been cyclical and will continue to be vulnerable to general downturns, which in turn could materially and adversely affect the demand for our products and services. Our c

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