Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
17
Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
142
Powell Industries (POWL) has reported 12.74 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $5.51 million, or $0.48 a share in the quarter, compared with $6.31 million, or $0.54 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $6.15 million, or $0.54 a share compared with $5.22 million or $0.45 a share, a year ago.
Revenue during the quarter dropped 20.04 percent to $129.79 million from $162.32 million in the previous year period. Gross margin for the quarter expanded 133 basis points over the previous year period to 19.78 percent. Total expenses were 95.04 percent of quarterly revenues, up from 94.57 percent for the same period last year. That has resulted in a contraction of 48 basis points in operating margin to 4.96 percent.
Operating income for the quarter was $6.43 million, compared with $8.82 million in the previous year period.
Brett A. Cope, Powell's president and chief executive officer, stated, "Our fourth quarter results continue to reflect positive operational trends, driven by both project execution and manufacturing efficiencies. We remain focused on leveraging these internal initiatives across our business to boost operational efficiency, reduce costs, and further improve cycle time.
Working capital increasesPowell Industries has recorded an increase in the working capital over the last year. It stood at $185.89 million as at Sep. 30, 2016, up 7.98 percent or $13.75 million from $172.15 million on Sep. 30, 2015. Current ratio was at 2.57 as on Sep. 30, 2016, up from 2.38 on Sep. 30, 2015.
Debt comes downPowell Industries has recorded a decline in total debt over the last one year. It stood at $2 million as on Sep. 30, 2016, down 16.67 percent or $0.40 million from $2.40 million on Sep. 30, 2015. Total debt was 0.43 percent of total assets as on Sep. 30, 2016, compared with 0.51 percent on Sep. 30, 2015. Debt to equity ratio was almost stable at 0.01 as on Sep. 30, 2016, when compared with the last year. Interest coverage ratio deteriorated to 173.86 for the quarter from 259.35 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
