Powell Industries, Inc. (NASDAQ:POWL) Q2 2018 Earnings Conference Call - Preliminary Transcript

May 09, 2018 • 11:00 am ET

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Powell Industries, Inc. (NASDAQ:POWL) Q2 2018 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Greetings and welcome to the Powell Industries Second Quarter Earnings Conference Call. At this time. All participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instruction) As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Ken Dennard.Thank you and good morning, everyone. We appreciate you joining us for Powell Industries' conference call today to review fiscal year 2018 second quarter results.With me on the call today are Brett Cope, Powell's Chief Executive Officer and Don Madison, Chief Financial Officer.

Before I turn the call over to management, I have the usual housekeeping details to run through.

Executive
Ken Dennard

If you did not receive an e-mail of the news release issued yesterday and you would like one, call our offices at Dennard-Lascar and we will get you one at number 713-529-6600. Also, if you'd like to be on e-mail distribution for press releases for Powell, please relay that information to us.

There will be a replay of today's call and it will available via webcast by going to the company's website powellind.com or there will be telephonic replay will be available until May 16. And the information on how to access these replay features is provided in yesterday's earnings release. Please note that information reported on this call speaks only as of today, May 09, 2018 and therefore, you are advised that any time sensitive information may no longer be accurate at the time of replay listening or transcript reading.

As you know, this conference call includes certain statements related to the company's expectations of its future operating results that may be deemed to be 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 results may differ materially from those projected in the 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 SEC.

Now, I'd like to turn the call over to Brett. Brett?

Executive
Brett Cope

Thank you, Ken and good morning everyone. Thank you for joining us today to review our fiscal 2018 second quarter results. I will make a few comments and then I will turn the call over to Don for more financial commentary before we take your questions. The second quarter of fiscal 2018 was highlighted by significant increase in orders when compared to the run rate of new bookings over the last few quarters.

The increase was largely driven by improvement in our base business and primarily from the US domestic market. The quarter included two projects over 5 million and one larger project over 10 million order to pile from the power generation market. Also during the quarter, our aftermarket services group experienced strong bookings