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Powell Industries Announces Fiscal 2024 Second Quarter Results
HOUSTON, April 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, April 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 second quarter ended March 31, 2024. All comparisons are to the second quarter of Fiscal 2023, unless otherwise noted. Second Quarter Key Highlights: Revenues totaled $255 million, an increase of 49%;Gross profit of $63 million, or 24.6% of revenue, a 510 basis point improvement;Net income of $33 million, or $2.75 per diluted share;New orders(1) totaled $235 million;Backlog(2) as of March 31, 2024, remained at $1.3 billion;Cash and short-term investments as of March 31, 2024, totaled $365 million. Brett A. Cope, Powell’s Chairman and Chief Executive Officer, stated, “Powell delivered solid second quarter results supported by continued growth within our Industrial end markets as well as strong performances from both our Electric Utility and Commercial and Other Industrial markets. Revenue in the quarter was 49% higher than the second quarter of Fiscal 2023, while excellent project execution and volume leverage drove a 510 basis point improvement in gross margin to 24.6%. New orders of $235 million in the quarter were higher by 19% sequentially and were well-balanced across the markets we serve, keeping our backlog essentially unchanged at $1.3 billion. Overall, we are encouraged by both our financial performance in the first half of the year as well as the activity levels within each of the markets we serve.” Second Quarter 2024 ResultsRevenues totaled $255.1 million compared to $171.4 million in the second quarter of Fiscal 2023, and $194.0 million in the first fiscal quarter. The increase compared to second quarter of Fiscal 2023 was primarily driven by strong growth across the Oil and Gas and Petrochemical sectors, which grew 66% and 93%, respectively. Revenue from the Commercial and Other Industrial sector increased 57%, and revenue from the Electric Utility sector grew 11%. Gross profit increased 88% to $62.7 million, or 24.6% of revenue, compared to $33.4 million, or 19.5% of revenue, in the second quarter of Fiscal 2023 and compares to $48.2 million, or 24.8% of revenue, in the first fiscal quarter. New orders totaled $235 million compared to $508 million in the second quarter of Fi...