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Powell Industries Announces Fiscal 2024 First Quarter Results
HOUSTON, Jan. 30, 2024 (GLOBE NEWSWIRE) -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom-engineered solutions for the management,
About this update from Powell Industries, Inc.
[{"type":"text","content":"HOUSTON, Jan. 30, 2024 (GLOBE NEWSWIRE) -- 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 2024 first quarter ended December 31, 2023. All comparisons are to the comparable period in the prior fiscal year, unless otherwise noted. First Quarter Key Highlights: Revenues totaled $194 million, an increase of 53%;Gross profit of $48 million, or 24.8% of revenue, an improvement of 950 basis points;Net Income of $24 million, or $1.98 per diluted share;New orders totaled $198 million;As of December 31, 2023, backlog had nearly doubled to $1.3 billion;Cash and short-term investments as of December 31, 2023, totaled $355 million. Brett A. Cope, Powell’s Chairman and Chief Executive Officer, stated, “Our first fiscal quarter was very much a continuation of the trends and strong results that we saw in our fourth quarter. Despite what is typically a seasonally slower period, we recorded $198 million of new orders which was higher sequentially by 15%. We also delivered revenue growth of 53% compared to the prior year, as we saw broad strength across most of our end market sectors. The solid revenue growth driven by the strength and quality of our backlog, coupled with terrific project execution and associated efficiency gains are translating to the improved profitability that we experienced in the quarter. Our gross margin of 24.8% was 950 basis points better than the prior year, while delivering $1.98 of earnings per diluted share in the first quarter.” First Quarter 2024 Results Revenues totaled $194.0 million compared to $208.6 million and $126.9 million in the fourth and first quarter of Fiscal 2023, respectively. The increase compared to the first quarter of Fiscal 2023 was driven by strong growth across the Petrochemical, Oil and Gas, Utility and Commercial and Other Industrial sectors, partially offset by lower volume within the Traction sector. Gross profit totaled $48.2 million, or 24.8% of revenue, compared to $52.0 million, or 24.9% of revenue, in the fourth quarter of Fiscal 2023 and compared to $19.5 million, or 15.3% of revenue, in the first quarter of Fiscal 2023. New orders totaled $198 million compared to net new orders of $171 million and $212 million in the fourth and first quar...