POWELL INDUSTRIES INC Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>POWELL INDUSTRIES INC filed its Q1 FY2024 10-Q report on January 31, 2024.</b>

AI Summary

POWELL INDUSTRIES INC (POWL) filed a Quarterly Report (10-Q) with the SEC on January 31, 2024. POWELL INDUSTRIES INC filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. The filing was made on January 31, 2024. The company's principal business is manufacturing switchgear and switchboard apparatus.

Why It Matters

For investors and stakeholders tracking POWELL INDUSTRIES INC, this filing contains several important signals. This 10-Q filing provides investors with the company's financial performance and position for the most recent quarter. Understanding the details within this report is crucial for assessing the company's operational health and future prospects.

Risk Assessment

Risk Level: low — POWELL INDUSTRIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant deviations from typical reporting.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to identify any emerging trends or specific performance drivers.

Key Numbers

• 2023-12-31 — CONFORMED PERIOD OF REPORT (POWELL INDUSTRIES INC)
• 2024-01-31 — FILED AS OF DATE (POWELL INDUSTRIES INC)
• 2023-10-01 — PERIOD START DATE (POWELL INDUSTRIES INC)
• 2023-12-31 — PERIOD END DATE (POWELL INDUSTRIES INC)
• 0930 — FISCAL YEAR END (POWELL INDUSTRIES INC)

Key Players & Entities

• POWELL INDUSTRIES INC (company) — FILER
• 0000080420 (company) — CENTRAL INDEX KEY
• 3613 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• NV (company) — STATE OF INCORPORATION
• TX (company) — STATE OF BUSINESS ADDRESS
• 7139446900 (company) — BUSINESS PHONE
• PROCESS SYSTEMS INC (company) — FORMER COMPANY NAME
• 19780926 (company) — DATE OF NAME CHANGE

FAQ

Industry Context

POWELL INDUSTRIES INC operates in the switchgear and switchboard apparatus manufacturing industry, supplying electrical distribution and control equipment.

Regulatory Implications

As a publicly traded company, POWELL INDUSTRIES INC is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing its financial condition and operations.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ending December 31, 2023.
2. Review any disclosures regarding significant contracts, backlog, or market conditions.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2023-12-31: End of Reporting Period — Covers financial results for the quarter ending on this date.
• 2024-01-31: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending December 31, 2023, following the previous filing for the period ending September 30, 2023.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share POWL NASDAQ Global Market I

Filing Documents

• powl-20231231.htm (10-Q) — 683KB
• powlexhibit311q12024.htm (EX-31.1) — 10KB
• powlexhibit312q12024.htm (EX-31.2) — 10KB
• powlexhibit321q12024.htm (EX-32.1) — 5KB
• powlexhibit322q12024.htm (EX-32.2) — 5KB
• 0000080420-24-000008.txt (&nbsp;) — 4637KB
• powl-20231231.xsd (EX-101.SCH) — 33KB
• powl-20231231_cal.xml (EX-101.CAL) — 61KB
• powl-20231231_def.xml (EX-101.DEF) — 128KB
• powl-20231231_lab.xml (EX-101.LAB) — 533KB
• powl-20231231_pre.xml (EX-101.PRE) — 322KB
• powl-20231231_htm.xml (XML) — 538KB

— Financial Information

Part I — Financial Information 3

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 3 Condensed Consolidated Balance Sheets (Unaudited) 3 Condensed Consolidated Statements of Operations (Unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 6 Condensed Consolidated Statements of Cash Flows (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 25

— Other Information

Part II — Other Information 26

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements POWELL INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share data) December 31, 2023 September 30, 2023 ASSETS Current Assets: Cash and cash equivalents $ 321,400 $ 245,875 Short-term investments 33,943 33,134 Accounts receivable, less allowance for credit losses of $ 244 and $ 273 169,477 206,591 Contract assets 67,594 60,621 Inventories 69,682 63,865 Income taxes receivable 64 100 Prepaid expenses 5,252 5,419 Other current assets 7,413 6,380 Total Current Assets 674,825 621,985 Property, plant and equipment, net 98,318 97,625 Operating lease assets, net 1,218 1,436 Goodwill and intangible assets, net 1,503 1,003 Deferred income taxes 17,229 17,064 Other assets 14,856 13,129 Total Assets $ 807,949 $ 752,242 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 50,173 $ 56,666 Contract liabilities 328,888 279,796 Accrued compensation and benefits 11,637 29,947 Accrued product warranty 3,680 3,305 Current operating lease liabilities 645 773 Income taxes payable 11,985 6,517 Other current liabilities 20,843 18,682 Total Current Liabilities 427,851 395,686 Deferred compensation 10,965 9,145 Long-term operating lease liabilities 573 663 Other long-term liabilities 2,240 1,722 Total Liabilities 441,629 407,216 Commitments and Contingencies (Note F) Stockholders' Equity: Preferred stock, par value $ 0.01 ; 5,000,000 shares authorized; no ne issued — — Common stock, par value $ 0.01 ; 30,000,000 shares authorized; 12,765,936 and 12,668,001 shares issued, respectively; 11,959,918 and 11,861,983 shares outstanding, respectively 127 127 Additional paid-in capital 68,854 71,526 Retained earnings 346,162 325,281 Treasury stock, 806,018 shares at cost ( 24,999 ) ( 24,999 ) Accumulated other comprehensive loss ( 23,824 ) ( 26,909 ) Total Stockholders' Equity 366,320 345,026 Total L

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View this 10-Q filing on SEC EDGAR