Powell CFO sees 'return to profitability' in 2019
Commenting on the company's outlook, Michael Metcalf, Powell's CFO said, "We continue to see strength in our core industrial markets resulting in an improved backlog position. The business is beginning to see this benefit through higher global factory volumes and the associated cost efficiencies driving margin improvement over fiscal year 2018. Additionally, with this increased level of market activity, the business has delivered strong free cash flow through the first half of fiscal 2019. Looking forward, we anticipate that our focus on end market activity and project execution through the second half of the year will result in a return to profitability for the business in fiscal year 2019. We remain committed to our prudent working capital management and believe that we are well positioned to deliver on our growing backlog."