Powell Industries Inc

Latest Results (06.08.2024):

Revenue Growth

Powell Industries Inc. reported revenues of $288.2 million for the third quarter of fiscal 2024, marking a significant 50% increase compared to $192.4 million in the same period of fiscal 2023. This growth was primarily driven by strong performance in the Oil and Gas sector, which saw a 56% increase to $114.3 million, and the Petrochemical sector, which grew by 158% to $56.8 million.

Gross Profit Surge

For the third quarter of fiscal 2024, Powell Industries Inc. achieved a gross profit of $81.7 million, or 28.4% of revenue. This represents a 92% increase from the $42.7 million, or 22.2% of revenue, reported in the same quarter of fiscal 2023. The improvement in gross margin was attributed to higher volume levels, strong project execution, and enhanced factory efficiencies.

Net Income Increase

Powell Industries Inc. reported a net income of $46.2 million, or $3.79 per diluted share, for the third quarter of fiscal 2024. This is a substantial increase compared to the net income of $18.5 million, or $1.52 per diluted share, recorded in the same period of fiscal 2023. The rise in net income reflects the company's strong operational performance and revenue growth.

New Orders and Backlog

During the third quarter of fiscal 2024, Powell Industries Inc. secured new orders totaling $356 million. Although this is a decrease from the $505 million in new orders during the same period of fiscal 2023, the backlog remained robust at $1.3 billion as of June 30, 2024, unchanged from the previous quarter and the same period last year.

Outlook and Future Plans

Powell Industries Inc. remains optimistic about its future prospects as it enters the last quarter of fiscal 2024. The company has increased investments to expand capacity, including acquiring additional property near its Houston headquarters. With a strong backlog and favorable market conditions, Powell Industries expects to sustain its financial performance through the fourth quarter and into fiscal 2025.