POWELL INDUSTRIES RAISES QUARTERLY DIVIDEND BY 1% TO $0.2625 PER SHARE

Rhea-AI Summary

Powell Industries (NASDAQ: POWL) announced a 1% increase in its quarterly cash dividend to $0.2625 per share, resulting in an annualized dividend of $1.05. This change reflects the company's successful performance in 2022 and enhanced confidence in future cash flows. The dividend is set to be paid on March 15, 2023, to shareholders on record by February 15, 2023. Powell's leadership emphasized a balanced approach to shareholder returns while maintaining liquidity for working capital and preserving a strong balance sheet.

Positive

• Quarterly dividend increased by 1% to $0.2625 per share.
• Annualized dividend now stands at $1.05 per share.
• Demonstrates confidence in future cash flows and financial health.

Negative

• None.

HOUSTON , Jan. 31, 2023 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom engineered solutions for the management, control and distribution of electrical energy, today announced that its Board of Directors has approved a 1% increase to the quarterly cash dividend on the Company's common stock to $0.2625 per share, equating to an annualized dividend of $1.05 per share from the current amount of $1.04 per share. The dividend is payable on March 15, 2023 to shareholders of record at the close of business on February 15, 2023.

"The Board's decision to modestly increase the dividend reflects our solid performance in 2022 and increased confidence in the outlook of our future free cash flows," said Brett Cope, Powell Chairman and Chief Executive Officer. "This incremental step demonstrates our prudent and conservative approach to returning value to shareholders while also balancing organic and inorganic growth aspirations for the company."

Michael Metcalf, Powell's Chief Financial Officer, added, "The decision to modestly increase the dividend not only returns capital to our shareholders, but also ensures ample liquidity to support our working capital requirements, while continuing to preserve the strength of our balance sheet."

Powell Industries, Inc., headquartered in Houston, designs, manufactures and services custom-engineered equipment and systems for the distribution, control and monitoring of electrical energy. Powell markets include large industrial customers such as utilities, oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining operations and commuter railways.  For more information, please visit powellind.com.

Contact:       
Michael Metcalf, CFO
Powell Industries, Inc.
713-947-4422

Robert Winters or Ryan Coleman
Alpha IR Group
POWL@alpha-ir.com
312-445-2870

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/powell-industries-raises-quarterly-dividend-by-1-to-0-2625-per-share-301734895.html

SOURCE Powell Industries

FAQ

What is the new dividend amount for Powell Industries (POWL)?

The new dividend amount is $0.2625 per share.

When will the dividend for POWL be paid?

The dividend will be paid on March 15, 2023.

What was the previous dividend amount for Powell Industries (POWL)?

The previous dividend amount was $0.2600 per share.

What is the annualized dividend for Powell Industries (POWL) after the increase?

The annualized dividend is now $1.05 per share.

When is the record date for the POWL dividend?

The record date for the dividend is February 15, 2023.