HOUSTON , January 31, 2023 /PRNewswire/ — Powell Industries, Inc. (NASDAQ: POWL), a leading provider of custom engineered solutions for electrical power management, control and distribution, today announced that its Board of Directors had approved a 1% increase in the quarterly cash dividend on common shares of the Company to $0.2625 per share, i.e. an annualized dividend of $1.05 per share of 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 increase the dividend slightly reflects our strong performance in 2022 and increased confidence in the outlook for our future free cash flow,” said Brett Cope, Powell Chief Executive Officer. “This progressive step demonstrates our cautious and conservative approach to returning shareholder value while balancing the company’s organic and inorganic growth aspirations.”
Michael Metcalf, Powell’s The Chief Financial Officer, added: “The decision to increase the dividend slightly not only returns capital to our shareholders, but also ensures sufficient liquidity to meet our working capital needs, while continuing to preserve the strength of our balance sheet.”
Powell Industries, Inc., headquartered in Houstondesigns, manufactures and maintains custom-made 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 railroads. For more information, visit powellind.com.
Powell Industries, Inc.
Robert Winters or Ryan Coleman
Alpha IR Group