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Powell Industries Announces Second Quarter Fiscal 2025 Results
HOUSTON, May 06, 2025 (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, May 06, 2025 (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 second quarter of Fiscal 2025 ended March 31, 2025. All comparisons are to the second quarter of Fiscal 2024, unless otherwise noted. Second Quarter Key Financial Highlights: Revenues totaled $279 million, an increase of 9%;Gross profit of $83 million, or 29.9% of revenue;Net income of $46 million, or $3.81 per diluted share, increased 38%;New orders(1) totaled $249 million;Backlog(2) as of March 31, 2025 was unchanged at $1.3 billion;Cash and short-term investments as of March 31, 2025 totaled $389 million. Brett A. Cope, Powell’s Chairman and Chief Executive Officer, stated, “Our second quarter marked another solid quarter of project execution and robust operational efficiency. Powell delivered a 33% increase in gross profit dollar growth on revenue growth of 9%, leading to a gross margin improvement of 530 basis points compared to the prior year. Order activity in the quarter was also strong, highlighted by two large project awards which included a new greenfield LNG facility to be located along the U.S. Gulf Coast and a large mining project in Canada.” Second Quarter Fiscal 2025 Results Revenues totaled $278.6 million, an increase of 9% compared to $255.1 million in the prior year, and a 15% increase compared to $241.4 million in the first quarter of Fiscal 2025. The increase compared to the prior year was driven by higher revenue levels across the Electric Utility sector which grew 48% to $70.3 million, and the Commercial and Other Industrial sector, which grew 16% to $40.4 million. This was partially offset by a revenue decline in the Petrochemical sector of 13% to $43.7 million. Gross profit of $83.4 million, or 29.9% of revenue, increased by 33% compared to $62.7 million, or 24.6% of revenue in the prior year, and also increased by 40% compared to $59.5 million, or 24.7% of revenue, in the first quarter of Fiscal 2025. The improvement compared to the prior year was primarily due to broad-based operating efficiencies generating increased productivity, in addition to project closeouts. New orders totaled $249 million compared to $235 million in the prior year and $269 million in the first quarter...