POWELL INDUSTRIES INC reported its fiscal 2026 second quarter ended March 31, 2026 results: revenue $296.6 million, net income $45.9 million, EPS $1.25 per diluted share.
“results for the second quarter Fiscal 2026 ended March 31, 2026. All comparisons are to the second quarter of Fiscal 2025, unless otherwise noted. Key Highlights: • Revenues of $297 million increased 6%; • Gross profit of $88 million, or 29.6% of revenue, increased 5%; • Net income of $45.9 million, or $1.25 per diluted share (1) , declined 1%; • New orders (2)”
Governance Changes
POWELL INDUSTRIES INC: Amended certificate of incorporation to effect a three-for-one forward stock split and increase authorized common stock from 30 million to 90 million shares (effective 2026-04-01).
“On March 31, 2026, the Company filed an amendment (the “Amendment”) to the Company’s Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the previously announced Stock Split and proportionately increase the number of shares of the Company’s authorized common stock from 30 million to 90 million.”
Governance Changes
POWELL INDUSTRIES INC: Second Amended and Restated Bylaws adopted, updating provisions to align with DGCL, stockholder notice requirements, removing stockholder right to call special meeting or act by written consent, reducing maximum directors from 15 to 11, adding exclusive forum provision, and other changes (effective 2025-02-19).
“On February 19, 2025, the Board of Directors (the “Board”) of Powell Industries, Inc. (the “Company”) approved and adopted, in accordance with Section 8.1 of the Amended and Restated Bylaws of the Company (as amended, the “Former Bylaws”) and effective immediately, the Second Amended and Restated Bylaws of the Company (as amended and restated, the “Bylaws”).”
Governance Changes
POWELL INDUSTRIES INC: Amended and restated Certificate of Incorporation to provide for exculpation of certain officers and make non-substantive updates (effective 2025-02-19).
“At the annual meeting of stockholders of Powell Industries, Inc. (the “Company”) held on February 19, 2025 (the “Annual Meeting”), the Company’s stockholders approved an amendment and restatement of the Company’s Certificate of Incorporation (the “Certificate of Incorporation”) to provide for exculpation of certain officers of the Company as permitted by Delaware law and to make certain non-substantive updates (the “Amended and Restated Certificate of Incorporation”) . The Amended and Restated Certificate of Incorporation became effective upon the filing with the Secretary of State of the State of Delaware on February 19, 2025.”
Earnings Releases
POWELL INDUSTRIES INC reported Fiscal 2024 second quarter ended March 31, 2024 results: revenue $255 million, net income $33 million, or $2.75 per diluted share, EPS $2.75 per diluted share.
“2024 second quarter ended March 31, 2024. All comparisons are to the second quarter of Fiscal 2023, unless otherwise noted. Second Quarter Key Highlights: • Revenues totaled $255 million, an increase of 49%; • Gross profit of $63 million, or 24.6% of revenue, a 510 basis point improvement; • Net income of $33 million, or $2.75 per diluted share; • New orders (1)”
Shareholder Votes
POWELL INDUSTRIES INC shareholders approved Say-on-pay advisory vote at the 2024-02-14 meeting.
“Votes Cast For Votes Cast Against Votes Withheld/Abstentions Broker Non-Votes 9,969,638 87,381 13,092 —”
Shareholder Votes
POWELL INDUSTRIES INC shareholders approved Election of directors at the 2024-02-14 meeting.
“Nominee Votes Cast For Votes Cast Against Votes Withheld/Abstentions Broker Non-Votes James W. McGill 9,840,163 — 229,948 — Mohit Singh 10,046,799 — 23,312 —”
John D. White resigned as Director at POWELL INDUSTRIES INC.
“John D. White tendered his resignation from the Board, effective at the Company’s 2024 annual meeting of stockholders (the end of his then current term), which was held on February 14, 2024”
Earnings Releases
POWELL INDUSTRIES INC reported fiscal 2024 first quarter ended December 31, 2023 results: revenue $194 million, net income $24 million, or $1.98 per diluted share.
“Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom-engineered solutions for the management, control and distribution of electrical energy, today announced results for the Fiscal 2024 first quarter ended December 31, 2023. All comparisons are to the comparable period in the prior fiscal year, unless otherwise noted. First Quarter Key Highlights: • Revenues totaled $194 million, an increase of 53%; • Gross profit of $48 million, or 24.8% of revenue, an improvement of 950 basis points; • Net Income of $24 million, or $1.98 per diluted share;”
Michael W. Metcalf changed role as Principal Accounting Officer at POWELL INDUSTRIES INC.
“In connection with Mr. Honeycutt’s retirement, the Company designated Michael W. Metcalf, Executive Vice President and Chief Financial Officer, as the Company’s principal accounting officer effective January 5, 2024.”
Milburn E. Honeycutt retired as Vice President, Corporate Controller and Chief Accounting Officer at POWELL INDUSTRIES INC.
“On January 5, 2024, Milburn E. Honeycutt retired from his positions as Vice President, Corporate Controller and Chief Accounting Officer of Powell Industries, Inc.”
Earnings Releases
POWELL INDUSTRIES INC reported fiscal 2023 fourth quarter and full year ended September 30, 2023 results: revenue $209 million, net income $26 million, EPS $2.17 per diluted share.
“year ended September 30, 2023. All comparisons are to the comparable period in the prior fiscal year, unless otherwise noted. Fourth Quarter Key Highlights: • Revenues totaled $209 million, an increase of 28%; • Gross profit was $52 million, or 24.9% of revenue, an improvement of 430 basis points; • Net Income was $26 million, or $2.17 per diluted share, and”
Debt Financings
POWELL INDUSTRIES INC amended revolving credit of $150,000,000 with Bank of America, N.A., as Administrative Agent, Swingline Lender, L/C Issuer and a Lender.
“Amendment amended the U.S. Revolver by, among other things, (i) increasing the amount of the revolving line of credit extended to the Company thereunder from $125,000,000 to $150,000,000, (ii) adding Texas Capital Bank as Syndication Agent and a lender , (iii) amending certain terms related to the calculation of the Company’s consolidated net leverage ratio to”
Material Agreements
POWELL INDUSTRIES INC entered into Third Amendment to Amended and Restated Credit Agreement (U.S. Revolver) with Bank of America, N.A. valued at Increased revolving line of credit from $125,000,000 to $150,000,000 (effective 2023-10-04).
“On October 4, 2023, the Company, together with certain of its direct subsidiaries, entered into a third amendment to the U.S. Revolver (the “Third Amendment”) with the lenders party thereto and Bank of America, as Administrative Agent, Swingline Lender, L/C Issuer and a Lender.”
Earnings Releases
POWELL INDUSTRIES INC reported fiscal 2023 third quarter ended June 30, 2023 results: revenue $192 million, net income $19 million, or $1.52 per diluted share, EPS $1.52 per diluted share.
“June 30, 2023. All comparisons are to the comparable period in the prior fiscal year, unless otherwise noted. Fiscal Third Quarter Key Highlights: • Revenues increased 42% to $192 million; • Backlog (1) nearly tripled to a record $1.3 billion; • New orders (2) totaled $505 million, an increase of $303 million; • Gross margin improved 810 basis points to 22.2%; •”
Earnings Releases
POWELL INDUSTRIES INC reported fiscal 2023 second quarter ended March 31, 2023 results: revenue $171.4 million, net income $8.5 million, EPS $0.70 per diluted share.
“Revenues for the second fiscal quarter totaled $171.4 million, an increase of 34% compared to $127.9 million in the prior year, which represents sequential growth of 35% compared to $126.9 million in the first fiscal quarter. Gross profit in the quarter totaled $33.4 million, an increase of $14.4 million, or 75%, compared to the prior year, and compared to $19.5 million in the fiscal first quarter. Gross margin in the second quarter was 19.5%, an increase of 460 basis points compared to the prior year and 420 basis points compared to the fiscal first quarter. New orders placed in the second quarter more than tripled to $508 million compared to $151 million in the prior year, and more than doubled compared to $212 million in the first quarter. Backlog as of March 31, 2023 was a record $1.0 billion, an increase of 50% compared to $680 million as of December 31, 2022, and compared to $440 million at the end of the fiscal second quarter in the prior year. Net income in the second fiscal qu”
Debt Financings
POWELL INDUSTRIES INC incurred revolving credit of $125,000,000 with Bank of America, N.A. at 0.00% to 2.00% depending on the type of loan and the Company’s consolidated net.
“the Company, together with certain of its direct subsidiaries, entered into a second amendment to the U.S. Revolver (the “Second Amendment”) with the lenders party thereto and Bank of America, as Administrative Agent, Swingline Lender, L/C Issuer and a Lender. The Second Amendment amended the U.S. Revolver by, among other things, (i) increasing the amount of the revolving line of credit extended to the Company thereunder from $75,000,000 to $125,000,000”
Material Agreements
POWELL INDUSTRIES INC amended Second Amendment with Bank of America, N.A., as Administrative Agent, Swingline Lender, L/C Issuer and a Lender valued at increasing the amount of the revolving line of credit ... from $75,000,000 to $125,000,000 (effective 2023-03-31).
“On March 31, 2023, the Company, together with certain of its direct subsidiaries, entered into a second amendment to the U.S. Revolver (the "Second Amendment") with the lenders party thereto and Bank of America, as Administrative Agent, Swingline Lender, L/C Issuer and a Lender.”
Milburn E. Honeycutt departed as Vice President, Corporate Controller and Chief Accounting Officer at POWELL INDUSTRIES INC.
“On April 3, 2023, Powell Industries, Inc. (the “Company”) received notification from Milburn E. Honeycutt, Vice President, Corporate Controller and Chief Accounting Officer of the Company, that Mr. Honeycutt intends to retire effective as of January 5, 2024.”
Shareholder Votes
POWELL INDUSTRIES INC shareholders approved Amendment to the 2014 Equity Incentive Plan.
“Proposal No. 4: Amendment to the 2014 Equity Incentive Plan Votes Cast For Vote Cast Against Votes Withheld/Abstentions Broker Non-Votes 9,152,801 165,235 12,669 —”
Shareholder Votes
POWELL INDUSTRIES INC shareholders approved Selection of frequency of future say-on-pay votes.
“Proposal No. 3: Selection of frequency of future “Say-on-Pay” votes 1 Year 2 Years 3 Years Abstain 8,339,152 5,262 982,966 3,325”
“Proposal No. 2: “Say-on-Pay” advisory vote Votes Cast For Vote Cast Against Votes Withheld/Abstentions Broker Non-Votes 9,251,287 75,110 4,308 —”
Shareholder Votes
POWELL INDUSTRIES INC shareholders approved Election of directors.
“Proposal No. 1: Election of directors Nominee Votes Cast For Vote Cast Against Votes Withheld Broker Non-Votes Christopher E. Cragg 8,007,441 — 1,323,264 — Katheryn B. Curtis 6,782,446 — 2,548,259 — Alaina K. Brooks 9,315,771 — 14,934 —”
Earnings Releases
POWELL INDUSTRIES INC reported Fiscal 2022 Full Year Ended September 30, 2022 results: revenue $533 million, net income $14 million, EPS $1.15 per diluted share.
“• Revenues totaled $533 million dollars, an increase of 13%; • Net Income was $14 million dollars, or $1.15 per diluted share; ◦ During Fiscal 2022, the Company had three non-recurring events, that when combined, contributed $0.80 per diluted share;”
Earnings Releases
POWELL INDUSTRIES INC reported Fiscal 2022 Fourth Quarter Ended September 30, 2022 results: revenue $163 million, net income $9 million, EPS $0.73 per diluted share.
“• Revenues totaled $163 million, an increase of 26%; • Net Income was $9 million, or $0.73 per diluted share, and included: ◦ $2 million related to a prior year cost recovery on a municipal project, generating $0.17 per diluted share;”
Perry L. Elders resigned as Director at POWELL INDUSTRIES INC.
“On May 10, 2022, Perry L. Elders resigned from the board of directors (the “Board”) of Powell Industries, Inc. (the “Company”) and all committees thereof effective immediately.”
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