Powell Industries Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Powell Industries Inc. filed its Q3 FY2024 10-Q report on May 1, 2024.</b>

AI Summary

POWELL INDUSTRIES INC (POWL) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Powell Industries Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the third quarter of fiscal year 2024. The company's fiscal year ends on September 30th. The filing was made on May 1, 2024. Powell Industries Inc. is in the Switchgear & Switchboard Apparatus industry.

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 latest financial performance and operational updates for Powell Industries Inc. for the quarter ending March 31, 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential future performance in the switchgear and switchboard apparatus market.

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, significant new risks or material changes beyond routine disclosures.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance trends and outlook.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly report)
• 2024-05-01 — Filing Date (10-Q filing)
• 0930 — Fiscal Year End (Annual reporting)
• 3613 — SIC Code (Industry classification)

Key Players & Entities

• POWELL INDUSTRIES INC (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-01 (date) — Filing date
• 3613 (industry_code) — Standard Industrial Classification
• NV (state) — State of incorporation
• 77075 (zip_code) — Business address zip
• 7139446900 (phone_number) — Business phone
• PROCESS SYSTEMS INC (company) — Former company name

FAQ

Industry Context

Powell Industries Inc. operates in the Switchgear & Switchboard Apparatus industry, manufacturing electrical distribution and control equipment.

Regulatory Implications

The filing is a standard SEC Form 10-Q, adhering to the requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review management's discussion and analysis (MD&A) for insights into performance drivers and outlook.
3. Check for any new risk factors or legal proceedings disclosed in the report.

Key Dates

• 2024-03-31: End of Reporting Period — Third quarter of fiscal year 2024
• 2024-05-01: Filing Date — Submission of the 10-Q report

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. No prior period comparison is available from this specific document.

Key Financial Figures

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

Filing Documents

• powl-20240331.htm (10-Q) — 835KB
• powlexhibit311q22024.htm (EX-31.1) — 10KB
• powlexhibit312q22024.htm (EX-31.2) — 10KB
• powlexhibit321q22024.htm (EX-32.1) — 5KB
• powlexhibit322q22024.htm (EX-32.2) — 5KB
• 0000080420-24-000030.txt (&nbsp;) — 5036KB
• powl-20240331.xsd (EX-101.SCH) — 32KB
• powl-20240331_cal.xml (EX-101.CAL) — 62KB
• powl-20240331_def.xml (EX-101.DEF) — 132KB
• powl-20240331_lab.xml (EX-101.LAB) — 492KB
• powl-20240331_pre.xml (EX-101.PRE) — 324KB
• powl-20240331_htm.xml (XML) — 674KB

— Financial Information

Part I — Financial Information 3

Financial Statements

Item 1. 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 26

Controls and Procedures

Item 4. Controls and Procedures 26

— Other Information

Part II — Other Information 27

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 28

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements POWELL INDUSTRIES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share data) March 31, 2024 September 30, 2023 ASSETS Current Assets: Cash and cash equivalents $ 323,256 $ 245,875 Short-term investments 42,083 33,134 Accounts receivable, less allowance for credit losses of $ 331 and $ 273 , respectively 183,980 206,591 Contract assets 75,010 60,621 Inventories 82,075 63,865 Income taxes receivable 95 100 Prepaid expenses 3,362 5,419 Other current assets 6,784 6,380 Total Current Assets 716,645 621,985 Property, plant and equipment, net 96,655 97,625 Operating lease assets, net 1,089 1,436 Goodwill and intangible assets, net 1,503 1,003 Deferred income taxes 17,105 17,064 Other assets 16,621 13,129 Total Assets $ 849,618 $ 752,242 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 79,767 $ 56,666 Contract liabilities 315,699 279,796 Accrued compensation and benefits 19,624 29,947 Accrued product warranty 4,568 3,305 Current operating lease liabilities 573 773 Income taxes payable 4,954 6,517 Other current liabilities 16,641 18,682 Total Current Liabilities 441,826 395,686 Deferred compensation 11,195 9,145 Long-term operating lease liabilities 516 663 Other long-term liabilities 2,296 1,722 Total Liabilities 455,833 407,216 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; 12,793,856 and 12,668,001 shares issued, respectively; 11,987,838 and 11,861,983 shares outstanding, respectively 128 127 Additional paid-in capital 68,348 71,526 Retained earnings 376,401 325,281 Treasury stock, 806,018 shares at cost ( 24,999 ) ( 24,999 ) Accumulated other comprehensive loss ( 26,093 ) ( 26,909 ) Total Stockholders' Equity 393,785 345,026 Total Liabilities a

View Full Filing

View this 10-Q filing on SEC EDGAR