Powell Industries, Inc. (NASDAQ:POWL) Q4 2023 Earnings Call Transcript December 6, 2023 11:00 AM ET

Company Participants

Ryan Coleman - Investor Relations

Brett Cope - President and Chief Executive Officer

Michael Metcalf - Executive Vice President, Chief Financial Officer, Secretary, and Treasurer

Conference Call Participants

John Franzreb - Sidoti & Company

Jon Braatz - Kansas City Capital Associates

Operator

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 may begin.

Ryan Coleman

Thank you, and good morning, everyone. Thank you for joining us for Powell Industries conference call today to review fiscal year 2023 fourth quarter and full-year results.

With me on the call are Brett Cope, Powell's Chairman and CEO; and Mike Metcalf, Powell's CFO. There will be a replay of today's call, and it will be available via webcast by going to the company's website, powellind.com, or a telephonic replay will be available until December 13. The information on how to access the replay was provided in yesterday's earnings release.

Please note that the information reported on this call speaks only as of today, December 6, 2023, and therefore, you are advised that any time-sensitive information may no longer be accurate at the time of replay listening or transcript reading. This conference call includes certain statements, including statements related to the company's expectations of its future operating results that may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Investors are cautioned that such forward-looking statements involve risks and uncertainties and that actual future 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 execution of business strategies. For more information, please refer to the company's filings with the Securities and Exchange Commission.

With that, I'll now turn the call over to Brett.

Brett Cope

Thank you, Ryan, and good morning, everyone. Thank you for joining us today to review Powell's fiscal 2023 fourth quarter and full-year results. I will make a few comments and then turn the call over to Mike for more financial commentary before we take your questions.

We ended our fiscal year on a strong note as the Powell team delivered another great quarter to close out one of the best years in the company's history. The sharp recovery of our industrial end markets led to $1.4 billion of orders in fiscal 2024, by far the most we have ever recorded in a 12-month period and twice that of the prior year.