Powell Reports Q2 Revenue of $296.62M, New Orders Up 97%
Reports Q2 revenue $296.62M, consensus $299.12M. New orders totaled $490M, an increase of 97%. Backlog as of March 31, totaled $1.8B, an increase of 33%. Brett A. Cope, Powell's Chairman and Chief Executive Officer, stated, "The commercial momentum we observed to start the fiscal year continued throughout the second quarter, driving a well-balanced and strong order total of $490 million which led to a 1.7x book-to-bill ratio. That momentum has continued into our fiscal third quarter as evidenced by the mega data center order we were awarded after the fiscal second quarter-end with a value in excess of $400 million - the largest order in Powell history. Meanwhile, the team continues to demonstrate high levels of project execution, delivering a gross margin of 29.6% in the quarter. We remain acutely focused on executing our key growth objectives and delivering on project schedules for our customers to further Powell's competitive position against a favorable demand landscape for engineered-to-order distribution solutions."
