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P POWELL PRESS RELEASE For immediate release Contacts : Michael W. Metcalf , CFO Powell Industries , Inc. 713-947-4422 Robert Winters or Ryan Coleman Alpha IR Group POWL@alpha-ir.com 312-445-2870 Exhibit 99.1 POWELL INDUSTRIES ANNOUNCES FISCAL 2021 SECOND QUARTER RESULTS HOUSTON — - May 4 , 2021 _ Powell Industries , Inc. ( NASDAQ : POWL ) , a leading supplier of custom - engineered solutions for the management , control and distribution of electrical energy , today announced results for the fiscal 2021 second quarter ended March 31 , 2021 . Fiscal Second Quarter Key Highlights : • Revenues totaled $ 119 million ; • Backlog as of March 31 , 2021 totaled $ 437 million ; • Net Loss was $ 0.2 million , or a $ 0.02 loss per diluted share ; Cash and short - term investments as of March 31 , 2021 totaled $ 154 million . Brett A. Cope , Powell's Chairman and Chief Executive Officer , stated , “ Our consolidated revenues for the second quarter were in - line with our expectations and higher by 11 % sequentially . Additionally , we were pleased with our cash performance , generating $ 6 million of free cash flow during the quarter . New orders in the second quarter were $ 89 million , consistent with the prior quarter , as macroeconomic conditions continue to create uncertainty across our Industrial end - markets . That was partially offset by the steady growth across our non - Industrial sectors , specifically , revenues from our Utility and Traction customers , which grew 17 % and 9 % , respectively , compared to last year . I want to acknowledge the hard work of our 1