Powell Industries Files Q3 2024 10-Q

TL;DR

POWELL 10-Q FILED: Q3 2024 RESULTS ARE IN. CHECK FOR DETAILS.

AI Summary

Powell Industries, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the third quarter and the first nine months of fiscal year 2024. Key financial data and operational details for the company, which manufactures switchgear and switchboard apparatus, are presented in this report.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of Powell Industries, Inc., crucial for understanding the company's trajectory in the electrical equipment sector.

Risk Assessment

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

Key Players & Entities

• POWELL INDUSTRIES INC (company) — Filer
• 3613 (dollar_amount) — Standard Industrial Classification Code
• NV (company) — State of Incorporation
• 77075 (dollar_amount) — ZIP Code
• 7139446900 (dollar_amount) — Business Phone Number
• PROCESS SYSTEMS INC (company) — Former Company Name
• 19780926 (dollar_amount) — Date of Name Change

FAQ

Key Financial Figures

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

Filing Documents

• powl-20240630.htm (10-Q) — 901KB
• powlex101-q32024cdorconfor.htm (EX-10.1) — 86KB
• powlexhibit311q32024.htm (EX-31.1) — 10KB
• powlexhibit312q32024.htm (EX-31.2) — 10KB
• powlexhibit321q32024.htm (EX-32.1) — 5KB
• powlexhibit322q32024.htm (EX-32.2) — 5KB
• 0000080420-24-000059.txt ( ) — 5368KB
• powl-20240630.xsd (EX-101.SCH) — 32KB
• powl-20240630_cal.xml (EX-101.CAL) — 62KB
• powl-20240630_def.xml (EX-101.DEF) — 141KB
• powl-20240630_lab.xml (EX-101.LAB) — 515KB
• powl-20240630_pre.xml (EX-101.PRE) — 338KB
• powl-20240630_htm.xml (XML) — 689KB

— 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) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9

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 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 28

Controls and Procedures

Item 4. Controls and Procedures 28

— Other Information

Part II — Other Information 29

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 29

Other Information

Item 5. Other Information 29

Exhibits

Item 6. Exhibits 30

— 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) June 30, 2024 September 30, 2023 ASSETS Current Assets: Cash and cash equivalents $ 332,012 $ 245,875 Short-term investments 42,033 33,134 Accounts receivable, less allowance for credit losses of $ 1,005 and $ 273 , respectively 173,246 206,591 Contract assets 90,955 60,621 Inventories 85,139 63,865 Income taxes receivable 131 100 Prepaid expenses 5,474 5,419 Other current assets 6,704 6,380 Total Current Assets 735,694 621,985 Property, plant and equipment, net 96,468 97,625 Operating lease assets, net 909 1,436 Goodwill and intangible assets, net 1,503 1,003 Deferred income taxes 17,212 17,064 Other assets 17,197 13,129 Total Assets $ 868,983 $ 752,242 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 79,693 $ 56,666 Contract liabilities 282,924 279,796 Accrued compensation and benefits 26,565 29,947 Accrued product warranty 5,226 3,305 Current operating lease liabilities 482 773 Income taxes payable 7,581 6,517 Other current liabilities 15,964 18,682 Total Current Liabilities 418,435 395,686 Deferred compensation 11,436 9,145 Long-term operating lease liabilities 427 663 Other long-term liabilities 1,946 1,722 Total Liabilities 432,244 407,216 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; Shares issued: 12,793,856 and 12,668,001 , respectively Shares outstanding: 11,987,838 and 11,861,983 , respectively 128 127 Additional paid-in capital 69,305 71,526 Retained earnings 419,384 325,281 Treasury stock, 806,018 shares at cost ( 24,999 ) ( 24,999 ) Accumulated other comprehensive loss ( 27,079 ) ( 26,909 ) Total Stockholders' Equity 436,739 345,026 Total Liabilit

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