POWL - Earnings call transcript Q4 2018

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Operator

Greetings and welcome to the Powell Industries Fiscal 2018 Fourth Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Natalie Hairston, Senior Vice President at Dennard Lascar Investor Relations. Thank you, Natalie.

You may begin.

Natalie Hairston

good and Operator, you, morning, everyone. Thank you today to appreciate joining fourth us call conference Industries' Powell review results. for quarter We fiscal XXXX year CEO; CFO; on Madison, incoming me the are Cope, With call CFO. Powell's Mike and Powell's Retiring Metcalf, Powell's Brett Don

turn sensitivity of and strategies. of pressures, statements, risks Private of availability operating cautioned involve and statements conference the statements. its that and management, risks, include, to have provided a Before and competitive and any of such going of that replay available longer webcast it projected transcript sensitive information Please this reading. details international will be release. expectations the how company's of raw therefore, December the those replay replay a general but to, actual Reform Litigation to political be over and be materials execution results these industry reported will speaks any time of may available The XX. will Web includes replay and conditions, accurate by or uncertainties These risks There call competition access future and are to features advised economic not be telephonic from today, related the in forward-looking cover. including be yesterday's economic differ on are no price call site business that information the of usual to I time in that is and December meaning listening the I the to to today’s materially are may and powellind.com limited on to XX, call company's uncertainties, be statements earnings within deemed call XXXX. via the until as at may forward-looking only statements or Investors XXXX Securities Act results note information you This that certain forward-looking

Company's the and filings to Commission. refer please information, Exchange Securities with more For the

the Brett the I'll Powell's call Now, CEO, turn over Cope. Brett?

Brett Cope

everyone. you, and Thank morning, good Natalie,

begin Mike financial associated I our reins I for our will introduce the we prepared as remarks, finish and and Powell fiscal soon like XXXX. family. Mike Metcalf, would my as formally reporting to Before take the incoming Don from filings CFO to welcome

entire the operations. As say forward roles Mike to of retirement has you announced Mike's to of Don May wanted brings over completed our our in global Powell. that his we Mike expertise leadership for I the comprehensive supply order, know, to behalf think his business and and you team. held company, based search to look a few Mike, experience to in chain On finance, adding Board in project similar companies accounting, benefits an with of October. engineered years and have words. XX industrial its replacement

Michael Metcalf

have of With with to I’m everyone. months. and thank Brett. just to the working impressed the to Brett, honored you our for meeting am the Board quickly to that strongly solutions join coming that, team thank XX during I team and and duties. by it you, their forward adventure just operations have hello, for the learning wanted his weeks five Brett say about innovative the developing look intricacies in GE, I for over Thank me, the to Powell plus this I'm us. lot that team a Powell's started After clients. years of confidence we transition that I I and Don are many I I believe back to will and and we turn I of thoroughly and support our in the leadership and of of ago opportunities ahead at

Brett Cope

increased increase market fourth improvement of quarter experienced in the year's of U.S year's or let $X.XX activity from a XX% share both per and report per particularly I’m core compared a to $X.XX in and oil, us revenue an and quarter when basis. loss revenues quarter, reported current year, pleased the year-over-year share solid XXXX. The in net on quarter Powell when compared previous million from markets, fourth income from We petrochemical to last income U.S to of diluted the sequentially. gas per $X.X to third and spending the quarter the the especially fourth quarter during last XX% Mike. a of $X.XX diluted net and customer along share and our up fourth strength Coast. Thanks, sequential Gulf

United While which markets operations markets, are challenged in United recovery, slower activity international Kingdom weaker and a the Canada shown States throughout orders, been and increased have local experiencing by the including in our expected revenues than backlog. core XXXX, our have

$XX of However, rate shared, as the quarter some and two million quarters that our below Eastern Canada, I underpinning for reasons. Middle note pockets particularly we in activity of the previously a our fourth there run are dropped of emerging, should few previous orders East.

quarters $X and an $X smaller First, abnormally our and small Brownfield million that million orders of projects. new to we had based awards high business Greenfield largely third were in volume second ranging from

several customer fiscal Additionally, been the of fourth first clarifications to of throughout the some XXXX And and the to conditions project sale. large schedules of have due expected quarter adjustment absent sized orders mid slipped this to past quarter of notably awards last, year. from

first over However in of fiscal awarded we've two $XXX months new been in the orders. million our 'XX,

a vastly very and experience long-term believe do Canadian through to incremental markets our support are we will believe that in improved We we market we the just geography to operations bright. in see U.K. improvements company in in both forward, XXXX. for continue, Fundamentals U.S. as from the market the XXXX that compete about every core the in our expect and started improved the year-ago. Looking prospects that we are we progress activity

most lacked anchor Our the throughout year backlog last projects. large of has of

the funding progressing still that a the note the XX XX phases time. over and new decisions, at is and petrochemical are quality may of commodity important fluctuation are sizable Greenfield there of detailed number prices year-ago was an this to increasing for design to final While stronger mindful through new overall next it months of LNG significantly are more projects we around business than It pipelines, uncertainty facilities. that the cause

processing financial leverage Additionally included to of challenge throughout pause strengthen and the these the well XXXX. teams solid, you years, of schedules initiatives down. timing of efforts main thank several results. will our our market conditions of over as who quarter more to in systems, project core I awards our focus our be to to the With our strengthened detail employees challenging all customer and time number turning markets years about safe last I take will delivered Timing talk have say U.S., our continued operational the In in last here before across execution your Powell fourth investments will and that, perform efficiency just turn were made company. one few questions. ago in have This call we the Don, the of the our to on to to continued results teams. over we our a

Don Madison

of $XX million to million fiscal by fourth last fiscal fourth to to domestic $XXX million. you, the quarter, year's Brett. by million $XXX 'XX. of Revenues Thank $XX quarter quarter the 'XX Compared fourth revenues increased compared to in increased

$XX to decreased $X While million. million by revenues international

primarily our Selling, profit increased 'XX. the Gross efficiencies quarter percentage in and of As in 'XX. compared domestic quarter stronger fiscal of decreased the million a And to and improvement activity, year's quarter to $X fiscal 'XX a to fiscal XX% and profit due compared million revenues particularly million This $X.XX customer fiscal the general $XX recovering increased Brett had higher compared expenses fourth net in Gulf by domestically manufacturing quarter, million. to facilities. 'XX improved last in $XX the to the Gross by administrative SG&A fourth increased revenues per from to or noted, revenues. XX% economy per million. profit revenues, share of of percentage we a Coast. net benefiting fourth of fourth $X.XX due in was fourth a of market income increased or as loss share are $X.X of spending and XX% of gross we of utilization higher to XX% to million $XX $X.X prices, as along quarter in

'XX New fourth fiscal quarter $XXX orders compared the previous totaled of million a $XX in placed $XXX and year-ago. million during million to the quarter

a the third Our order quarter. of year's $XXX backlog million million end the of quarter at million totaled of last $XXX end and at compared $XXX at the fourth year-end to backlog

a from unchanged XX in $XX months million compared revenues accounted fiscal increased fiscal percentage the volume market revenues. as facilities. $XXX million or to XXXX, to domestic 'XX. the XX% XX% revenues XX, compared in to Domestic Gross increased fiscal increase profit million manufacturing 'XX. as revenues revenues to from result of International increased $XX of were and conditions a for September in our improved For XX% ended efficiencies resulting 'XX

cost following increased In $XX operating Additionally, of higher in we compensation. benefit a 'XX, continue $X.X compared to fiscal valuation we per in million, compared $XXX,XXX million or or as an better rate recorded fiscal align SG&A an gross incurred In from The million overall general gas expenses U.S the net and a tax XX% last Effective fiscal as to $X.X million 'XX. XX% percentage to to rate primarily remediation tax requirements. in X% 'XX 'XX we for to costs negatively allowance. due in fiscal compared we production revenues 'XX Harvey. to fiscal primarily of of to $X per 'XX, 'XX, 'XX, anticipated net our was of is loss impacted efforts to loss million 'XX, as restructuring primarily tax in benefited oil, anticipated sublet increased related of experienced to due loss fiscal with in $X.X $XXX,XXX million Hurricane was decrease 'XX. recorded the we expenses from share of a share of increased expenses effective in demand quarter $X.XX we to of cost separation a loss revenues. petrochemical year. Selling, performance-based The and compared or by customers. incurred a $X.XX profit In fiscal first X% facility. jurisdictions our on and and net income revenues to administrative due $X.X reduce fiscal decreased fiscal Canadian XX% We tax in fiscal benefit to income structure

investments cash Long-term For million debt million. XX, cash used equipment and XXXX, million including had totaled million. $X.X $X.X million. 'XX, $XX we $XX fiscal year-ago. in and short-term a Investments plant was was $XX current in compared property, activities of At operating September to maturities

of terms in As volume price. enter improvements order we fiscal to 'XX, we expect and our market see

However, based on backlog, ahead our fourth and have us. will some likely quarters challenging of we quarter bookings

We expect also reverse to and to half continue these 'XX, higher through to the as will customer activity project first fiscal begin year. believe margins the that progress in we slowly will half quality project in increase headwinds improved gradually result with of we and second

fiscal year customer happy we XXXX. remain for 'XX expect answer we breakeven equates or which full result, modestly we'll for better a fiscal anticipate questions. the point, in the increase optimistic 'XX fiscal backlog. gradual throughout Powell 'XX, in that be a significantly improvement We activity and over At 'XX As an to revenues to this full-year earnings will also to year-over-year your to improved fiscal increase position to improve cautiously

Operator

is Sidoti question. from Thank Please question you. with with your proceed of [Operator Our Instructions] Company. line John the & first Franzreb

John Franzreb

the I past everybody. these congratulations a I morning, to to XX or been want just say you Enjoy guess, coast. It's off, so working pleasure Good years. first with Don.

Don Madison

you, Thank John.

John Franzreb

With earnings and -- the improving, around to revenue hard Secondly, and expect given a recent revenues part. cadence had the you on in do now breakeven you’ve earnings why backlog be the profile?

Don Madison

still having today, Currently, impact the couple revenue here the significantly our profile John, plans starting weeks window little it the to second loaded. and next in of we're the our are production that we under facilities. of our is challenge very of is in quarter, within ability The stream, having

is going that the at challenge quarter second we right 'XX. fiscal see by looking to our toughest Our be far now

fourth The still third have need we quarter work more that to and load.

to beginning a backlog, beginning You we’re to can to and we stream load through anticipate we're quarter in seeing quarter of level at what that continuing and first the will the come from based the on -- hopeful the able activity an order estimate half that second the second the but in of stronger the our part be year. that least

So factory it's all based on loading.

John Franzreb

Okay.

quarter that and cadence. what to weaker coming that is the how right, QX looks, be things it today the on the in but year stand is fiscal good through look again, shipping going first of it door bad, you’re how Don? So QX or normal the very good, sounds is out like it as quarter probably sizably second are so Is the

Don Madison

with would I that. Basically agree

We are bit still nowhere challenge the little that challenge but of from quarter the second a in near we're standpoint. having our production a load first having quarter, in

John Franzreb

the months looking orders end slipped the Got QX at to didn’t it. And didn’t there about the you out that talked the other fiscal they there Brett, that of all Have up on out or is QX, catch still you’re that first the in you of have now fiscal book two quarters. of jobs capture year?

Brett Cope

in are John. they’re they Hey, -- QX. No, all

John Franzreb

showing you strength is at you when gives quotation customer better look others that And confidence? activity, Okay. there industry to relative that is the more anyone

Brett Cope

most at So, in base has see down And last the that from the I would about we four think recent two of into on projects. One, business. and the I estimations, of strong summer market kind busy couple now in here proposal the to to been quarter last -- the the started South come say we as quarters project If around quarters. these has larger the that bidding comments activity hit pipeline activity months, look continuing especially talked in some there. large I we upside budgets -- been early very bidding and three right

same X, work. amount So I those X the to think of

and the those quotes are go side, jobs as entering the 'XX summer $X 'XX. starting last more where we the working got drawings that’s You couple all of bigger effort into to them design same are and in and to and orders, as and but million on through million here the $X comments our of become quarters we the to track real hey, hit through started

John Franzreb

Got Understood. it. it. Got

taking Okay, I'll guys. Thanks for my get back questions. to queue.

Brett Cope

Thanks, John.

Operator

you. Thank

line Securities. with from Our the of Jon CJS your next Tanwanteng with question is question. Please proceed

Jonathan Tanwanteng

morning, taking Enjoy my and thank you Don. your Good guys and for congratulations, questions time.

Don Madison

Thank you.

Jonathan Tanwanteng

Brett, you of that? Was Brownfield kind worked strong up of activity, pent has be the the You've mentioned this activity at demand of that comes I been continuing to it are there reasons does that point? in for you off kind but and living -- what see and think cool or back to this any through do then be this,

Brett Cope

of was driven last primarily I definitely So, normalizing demand and believe it's and QX, it definitely looking back, this year pent of kind event. it's up in sort it's 'XX is still U.S. a

business other not of seeing it's base are of other just I some We the those level the operations, smaller markets. same think at lagging

QX, when rate As together. we QX averaged slightly still but there, it's run than QX, it's you enter lesser

stream. activity active, more projects but still to these So around some see our in we’re of larger starting

Jonathan Tanwanteng

projects Okay, about in great. And lot mentioned talked then larger think the I you pipeline, you’ve a them.

if so, all? Given at decisions, funding customers is your much then the discussion month in or last that the crude lower with impact the and does how

Brett Cope

with Korea, I the activity and submarket I come refiners from think side has think I Well, mid-term in on BP 'XX it oil that the in today a of lot mid-term, side what Gulf even definitely the feedstock in of that back within throughout liquids U.S. at the We’ve continue downturn, that there's call lot crude gas, a so chemical I I crude market a to go to I The important and some definitely the near, take a to refining a driven polypropylene, core before, the the it strong continues if and pipeline. not the in and there's said market there back side continues exceptional think in around long-term, to perspective. gas polyethylene, there's shifts businesswise seen that’s the to is the a in of that 'XX. -- me appears to and base it be projects market for area. to is and the refining will is near be us gas -- least bubbling us for a being very, Offshore maybe very is story

Jonathan Tanwanteng

are margin run you bid concerning orders the just even the of and then margins still saw? And that great. improving lower in Okay, rate with backlog, those

Brett Cope

that they flat. and definitely we to they’re say to end before. that year-over-year To I safe Well, improve, about QX, improved. pretty they’re as think it's talked QX We say here continuing

off bottom to it So up QX. healthier the year-ago, we the from than see don’t a increments I much to that was, QX but QX make

Jonathan Tanwanteng

as just question. it. level higher got final, a And Okay, then maybe

-- with you’re the the that kind the of in outlook the year breakeven near you’re and of forecast to strategically things the next kind profitable above and Given and the level two, for slightly the that or over satisfied or company as to you a term? you just just existence what of seeing in the said is other medium above there to yourselves the this I is think industry earnings to need profits improve

Brett Cope

the Well, about people getting an company, our opportunity really we investment and during to talk really was an the have run I when teams here, our you tools. go put of has and systems years We couple in a team to the 'XX with so never job all. It of these think operation around and I outstanding done 'XX we first it. tough think lot place, getting in the when back

need we anchor back those comes market the as So large projects.

with in, think level and strategically higher utilization, we in if see can those around projects then and a our larger them So work volume I get performance. maximize of anchor smaller projects to we'll

need all it's for all a the all both. like to cycle, geographies long in synchronize together We going we’re to firing together we while that like. given gleaned, about markets that to and get get together we all upside to things and these some we all So take our that there's and think be I in timing. That’s my did need comment but

Jonathan Tanwanteng

it. then large Got one of earliest can projects hit? And the these

Brett Cope

I of big feel sure before funding return making -- needs. they’re never is that Tier see some 'XX. triggers, especially, what here their build on think on really being still we will final the their in X and tell oil pull Tier to CapEx I some We meeting companies, they’re activity they that very timing. careful X, that going

couple in exercises, do. for way. 'XX. this and of These two to something guys can some we if we -- it to need for doing fighting are time we’re kind have in see out really as lot down a would get some of we cost of other out a doing if they quarters fighting are been really competitive, by still the what I these we’ve they teaches history So But still and of -- us follow been the there, are successful these expect start to to but now

Jonathan Tanwanteng

Okay, very you great. guys. much, Thank

Operator

Thank from the you. Our with of Deysher John Capital question Pinnacle next proceed questions. Management. is [Operator line your Instructions] Please with

John Deysher

taking my GE for Hi. I'm the the questions. Good Actually summer think One, impact that two early either Utility of lost business, if curious, I’ve business won might or that terms the And fall. morning. Thanks or there's ABB of pieces your to I that acquisition on in or questions. been business any in front? of the M&A just from closed become available

Brett Cope

for And closely. that we say Yes, do closely Solutions to we team, big very GE near-term. now today past in that ABB morning, important noticeable I So GE Industrial and where customer It's the any for relative increase certainly works July, And can think Powell. can seen to And sure. ABB in closed ABB say that team John. watch at, acquisition, their -- that I we’ve we there's But folks is date, relationship. about I summer. were a ongoing good no the business that they’re at believe changes very to anything I the are that the don’t GE Brett. with wouldn’t of the looking report we’ve management the return opportunities previously I it. talk a Do strategically, believe change. this in

they’re waiting needs. their still business, see where go manage are to with going We how they GE and continues to near-term their strategically how to

So the nothing near-term. in

John Deysher

Okay.

interested kind any of circulation in that per pieces books no of they been there's might selling? be So

Brett Cope

No.

John Deysher

Okay.

other and again looming might Brett, anything what there Xst and you heard haven't The might about impact is that -- tariffs be question, impact there's is the tariffs existing of remind anything us of business. could the the impact January

Brett Cope

for design folks of being That there price affect a component a varies being: little to job say the quarters me see use of Again, less did headwind way summer, especially because material for designs, of talked couple cause Maybe us use the if the was side on every we hit kind little being the the here. Don, a And timing requirements. you’re bit. It a to well. that by bit of steel floating unique. tariffs. so some receive We gift, little level. bit ago bit our us call early job, of whether carbon going opportunities what engineered did think commercial a, steel, steels could have margin serves kind I jump a much job bit more side. more steel, the to would an our versus, to So us steel and summer, late we my that order a as about of aluminum change right, I effect, in we’re little so really little impact lot Not supply chain, a impact, which of cost able blast

last our voltage job. or I that the teams of generally Some seen. it supply conductor deterioration so, products some no aluminum. quarter chain Mitigating But good in pretty think, more have high a I’ve done

John Deysher

It kind past two out the have point a Basically, would it's …? But was Is that for or this that ended? or supply today. continue have level just of and the our we something terms the intact would the gross to been team? percentage guess year What we at initial visibility fiscal from watch monitor margin least of is impact closely summer. in with you it And

Don Madison

than -- and will heavy you subjective I’m you. so answer on point. I be was structural giving steels. John, we more would mix a bigger depends -- The steel not it's versus a no impact the Again, that in it say lighter plate the gate a than

Brett it X.X%, it building a whether less X% blast So deal than on see this at impact gross was to rated module saying does us having we time, than more or point I impact that with. that. had probably But like in a was can't margin, a

John Deysher

anything good. we that January aware Xst, looming should be And Okay, of?

Brett Cope

don’t an won't through right chain, teams anticipate often there I believe believe but anything. we Again, impact. with. we supply pretty be operational we will as our lead the the bump and with I there say to we be, would do don’t checks to see will now talk be in any behavior be that us have will market another we that deal there don’t

John Deysher

lot a and Thanks you. luck great. good Okay, to

Brett Cope

Thanks.

Operator

the question next The with Capital. Please proceed Braatz City Kansas of you. with Thank question. your is from line

Jon Braatz

Morning everyone.

Brett Cope

[Indiscernible]

Jon Braatz

stay retirement of luck good Don, in out to trouble. Hey,

Don Madison

my I do will best.

Jon Braatz

could in about Going Powell was LNG a Powell build Canada in Canada. have -- project? three ago, Western to Does billion role a months projects. the facility LNG is Obviously, big that announced it to $XX going

Brett Cope

Well, we sure would like … one

Jon Braatz

Okay.

Brett Cope

themselves, of could be something right but directly, Canada, all blended to watch. an each every being lists, money and -- be whether these in going they’re question engineering well certainly shell opportunity now that a … the firms, you one could in user as as to the own projects -- get approved to all are seems has have and but certainly their life position your requirements of contributing be vendor to it this these they’re case or is with trying -- answer other of end Powell them have users as one to the going to every

Jon Braatz

that. out XXXX let's or -- even say that that to be of in business. you a that that able Is award piece were than bidding later Is successful

-- we hear would If you something? you were successful when when could

Brett Cope

This just is time. Okay. subjective this at completely

Jon Braatz

capital will I for little a years They They yes did globally take -- ago. experience Yes, about bit understand. project some X my was There get longer for of in X, work even the that. doing that we’re the bulldozers ready had X, EPC, ago They on early the slate dirt, over work design. camps. ground, X years Kitimat. a moved They this

player. So the offshore bunch their depending dust talking whole whether CapEx costs they just ago, on again with a long big go go depending days much it or lead will we’re XoXo with they for a their go of model time items. just ordering how ticket execution they be probably P&C off end like the through start on the guess minute much EPC a will companies side, and My and before engineering long final through they or for how out answer, is, doing XXXX

the be how generation on going they’re we where turbines, distribution that point leaves So play. would to all

So generating potentially where an have would opportunity. the they’re once power,

Don Madison

any another start after That’s probably that We booking you year Okay. right. before seeing revenue stream. a from standpoint,

Jon Braatz

Okay. there's the I’m another not LNG And Easter in Israel and mistaken if Canada. was planned project

FID but funding, you all some host ago even the there's of That’s think will pull regulatory ultimately look maps that’s they another over directions, you one potential regulation, wave. the -- once way when long next the I planned at the there. get moving this through all those really of all

go think go They’re I all forward. forward. to going are going that general the agreement is going to

all take We shipments. contracts are [indiscernible] landed to going where they’re spend off the price and

own to possibly I my XX know don’t production faith another geared up. -- it's wave, but makes is as I’m big to [indiscernible] months what’s XX like you there's for or inherently the ship think to shipping Currently guess with to ILN already is Golf fundamentals next going be Canada. that, I that in in way and anything second Is an between or earn for there is easier one number. more support different to facility other So it in and wise the sorry, slated some there the a going East

Ken Tanji

So gas in in is different. general, the it market,

density the more might still energy What the all refining But get CapEx does to combined the stream. say side, whatever liquid fund to as the side, is, facility. it very more attractive LNG its equipments the to interesting of It's for you future same compression it's spending where to or percentage guest rate have liquids, takes power same hard us. get a dense petrochemical you’re of Powell. the degree putting as So to it in you But of in become are facility. this generation the

Jon Braatz

you. XXXX? Okay, would projects? And base expecting Thank support all -- might to right. for you’re What of if business at that that you you Don, be look then your secondly, those working your capital needs anticipate

Don Madison

XX%, our historically trailing you I in the a cycle working the of the the to what road. XX upfront. payment, to ranged Typically tend bumps biggest round teens of milestone capital on get some month a in you last project. projects, higher XX% on but do capital have our is but XX% revenues we working demand of Funding mean, will basis, that in has is

the time is all to all, point out very jump at probably it the XX% will any so is up in So slightly is around But to or likely. XX%, time will issue average less. say it it in

Jon Braatz

All right. you, Thank Don. Okay.

Operator

is Company. & Thank you. from line with your John the Please question Sidoti The next with question. proceed of Franzreb

Jon Braatz

Good.

Just Canada on a that in building, take have pack a we we which lease. new I term to Canada one -- sublet past out did and facility. We got and the charge assume and any lease and quarter, of into the We included that we it were our the the one-time just that lease. $XXX,XXX. went in quick -- notice business next When kind we price on do got a operating assume were quarter. still renew at the that of the was that through. $XXX,XXX. quarter. with that to summer, the one-time lease is cost in that when was we what X.X the least an the what for your based lease two manufacturing we gains acquired charge beginning, on plan under the current this they not was we in facility recorded sublet one current market value market when to We years went trailing that’s have and offsetting process assessment level, adjusted on Long you the the years Could think expires up through to question, on sublet walk The that that that answer the building year a we but it XX moved we at

Jon Braatz

makes you No, perfect. very much. Thank it done. completely it Right clarifies

Brett Cope

Thanks, Jon.

Brett Cope

Thanks, Jon

Operator

this we appears back like questions additional over any pass to have time. you. the to It Mr. concluding additional for Cope I comments. would no Thank at floor

Brett Cope

wish Powell the Thank of as instrumental I of on, Since XX would acknowledge and member him has like am Don team Directors. last you Powell Powell, to entire for our personally of Madison's the you, the thank leadership greatly having Tom all and behalf retirement. for and over and you on serve operator. has leadership. Board best our your thank earned employees, He been We service call your contributed CFO well this it years. for is We industries. success. Don, during to company of

Don Madison

Thank you.

Brett Cope

I in that’s everyone continued your That you. appreciate our and to we quarter. Mike said, Powell. with interest Thank speaking forward look

Operator

This we gentlemen, thank you Ladies your and does teleconference. for participation. conclude today’s

may time day. your at You disconnect this have lines and wonderful a

Powell Industries (POWL) 12 Dec 182018 Q4 Earnings call transcript