UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-12488 Powell Industries, Inc. (Exact name of registrant as specified in its charter) Delaware 88-0106100 (State or other jurisdictio ...

Financial Data and Key Metrics - Revenue in Q4 2023 grew 28% to $209 million, while full-year revenue grew 31% to $699 million [4] - Gross profit as a percentage of revenues increased by 430 basis points to 24.9% in Q4 2023 compared to the previous year [10] - Net income for Q4 2023 was $26.4 million, generating $2.17 per diluted share, compared to $8.7 million or $0.73 per diluted share in Q4 2022 [57] - Full-year net income for 2023 was $54.5 million or $4.50 per diluted share, compared to $13.7 million or $1.15 per diluted share in 2022 [48] - Operating cash flow for fiscal 2023 was $183 million, compared to a cash usage of $4 million in the prior year [43] Business Line Data and Key Metrics - Core industrial, oil and gas, and petrochemical market sectors drove strong growth in Q4 2023 [8] - Domestic revenues increased by $38 million or 28% to $171 million, while international revenues also increased by 28% to $38 million in Q4 2023 [9] - Oil and gas and petrochemical sectors grew 56% in Q4 2023, driven by higher LNG and petrochemical revenues [29] - Utility sector revenues increased by 8%, and commercial and other industrial sector revenues increased by 13% in Q4 2023 [29] Market Data and Key Metrics - The company entered fiscal 2024 with a backlog of $1.3 billion, providing durable and predictable project schedules [7] - Orders for fiscal 2024 were $1.4 billion, the highest ever recorded in a 12-month period and double the prior year [23] - Book-to-bill ratio was 0.8 times in Q4 2023, reflecting strong revenue performance offset by moderate orders [18] Company Strategy and Industry Competition - The company is focused on growing its electrical automation platform, expanding its services franchise, and diversifying its product portfolio [16] - The company is capitalizing on opportunities in the renewable markets of hydrogen, biodiesel, sustainable aviation fuel, and carbon capture [6] - The company is leveraging its products and expertise in fast-growing markets like data centers [26] Management Commentary on Operating Environment and Future Outlook - Management is confident in delivering the backlog on time and on budget, supported by favorable industry dynamics [5][27] - The company expects gross margins to remain consistent with fiscal 2023 levels in the low 20s for fiscal 2024 [14] - Management remains optimistic about the commercial momentum across core end markets throughout fiscal 2024 [44] Other Important Information - The company expanded its Houston facility to support the rise in backlog and remain competitive on future business schedules [25] - The company entered into a third amendment of its credit facility, increasing capacity to $150 million [59] - The company holds zero long-term debt and expects cash balances to build before plateauing in the middle or back half of fiscal 2024 [49] Q&A Session Summary Question: Order Booking Profile and Seasonality - The company expects a more aggressive seasonal revenue decline of around 10% in Q1 2024 compared to the typical 15% [65] - The company anticipates steady order activity but acknowledges timing uncertainties for mega projects [64] Question: Gross Margin Outlook - The company targets gross margins in the low 20s for fiscal 2024, consistent with fiscal 2023 levels [67] Question: LNG Landscape and Future Opportunities - The company remains engaged in LNG projects, including expansions and Greenfield opportunities, though timing is uncertain [79] Question: Impact of Election Year on Oil and Gas Spending - Management noted that changes in administration could impact oil and gas capital spending, particularly with regulatory shifts [83] Question: Tax Rate and CapEx Budget - The company expects an effective tax rate of 24% for fiscal 2024 [85] - CapEx spending for 2023 was $7.8 million, with potential capacity initiatives in 2024 [86] Question: Revenue Recognition Cadence - Revenue recognition is expected to follow historical trends, with Q1 being softer and Q4 being the strongest quarter [88]

Powell Industries, Inc. (NASDAQ:POWL) Q3 2023 Earnings Conference Call August 2, 2023 11:00 AM ET Ryan Coleman Ryan Coleman - Investor Relations Brett Cope - President and Chief Executive Officer Michael Metcalf - Executive Vice President, Chief Financial Officer, Secretary, and Treasurer Thank you, and good morning, everyone. Thank you for joining us for Powell Industries conference call today to review fiscal year 2023 third quarter results. With me on the call are Brett Cope, Powell's Chairman and CEO; a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-12488 Powell Industries, Inc. (Exact name of registrant as specified in its charter) Delaware 88-0106100 (State or other jurisdic ...

Company Participants Operator Thank you, and good morning, everyone. Thank you for joining us for Powell Industries conference call today to review fiscal year 2023 second quarter results. With me on the call are Brett Cope, Powell's Chairman and CEO; and Mike Metcalf, Powell's CFO. Brett Cope Two significant awards underscored the strength of our bookings during the quarter, including an award for another large domestic LNG project, which marks 3 consecutive quarters of significant activity in this market ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-12488 Powell Industries, Inc. (Exact name of registrant as specified in its charter) Delaware 88-0106100 (State or other jurisdi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-12488 Powell Industries, Inc. (Exact name of registrant as specified in its charter) Delaware 88-0106100 (State or other juri ...

Company Participants Conference Call Participants Operator Investors are cautioned that such forward-looking statements involve risks and uncertainties and that actual results may differ materially from those projected in these forward-looking statements. These risks and uncertainties include, but are not limited to, competition and competitive pressures, sensitivity to general economic and industry conditions, international, political and economic risks, availability and price of raw materials and executio ...

Powell Industries, Inc. (NASDAQ:POWL) Q4 2022 Earnings Conference Call December 6, 2022 11:00 AM ET Company Participants Ryan Coleman - Alpha IR Group Brett Cope - President and Chief Executive Officer Mike Metcalf - Executive Vice President, Chief Financial Officer, Secretary, and Treasurer Conference Call Participants Jon Braatz - Kansas City Capital John Franzreb - Sidoti & Company John Deysher - Pinnacle Tom Spiro - Spiro capital Operator Good morning. And welcome to the Powell Industries Fiscal Fourth ...

Powell Industries, Inc. (NASDAQ:POWL) Q3 2022 Earnings Conference Call August 3, 2022 11:00 AM ET Company Participants Ryan Coleman - Alpha IR Group Brett Cope - Chairman, President & CEO Michael Metcalf - EVP, CFO, Secretary & Treasurer Conference Call Participants Operator Good day, and welcome to the Powell Industries Earnings Conference Call. [Operator Instructions]. Please note this event is being recorded. I would now like to turn the conference over to Ryan Coleman, Investor Relations. Thank you. You ...