Powell(POWL) - 2024 Q4 - Annual Results

Revenue and Profit Growth - Revenues for Q4 2024 totaled $275 million, a 32% increase compared to the prior year[4] - Gross profit for Q4 2024 was $80 million, or 29.2% of revenue, a 55% increase compared to the prior year[8] - Net income for Q4 2024 was $46 million, or $3.77 per diluted share, a 74% increase compared to the prior year[11] - Full-year revenues for 2024 totaled $1.0 billion, a 45% increase compared to the prior year[12] - Full-year gross profit for 2024 was $273 million, or 27.0% of revenue, an 85% increase compared to the prior year[13] - Full-year net income for 2024 was $150 million, or $12.29 per diluted share, a 175% increase compared to the prior year[14] Sector Performance - New orders for Q4 2024 totaled $267 million, driven by strong activity in the Oil & Gas, Petrochemical, and Electric Utility sectors[9] - The Petrochemical sector saw a 112% increase in Q4 2024 revenues to $50.4 million[7] - The Oil & Gas sector grew 23% in Q4 2024 to $115.4 million[7] Backlog and Orders - Backlog as of September 30, 2024, remained at $1.3 billion, consistent with previous quarters[11] - New orders for Q4 2024 totaled $267 million, driven by strong activity in the Oil & Gas, Petrochemical, and Electric Utility sectors[9] Asset Growth - Total assets increased to $928.18 million from $752.24 million, a growth of 23.4%[28] - Cash, cash equivalents, and short-term investments rose to $358.39 million from $279.01 million, up 28.4%[28] - Other current assets grew to $418.09 million from $342.98 million, an increase of 21.9%[28] - Property, plant, and equipment, net increased to $103.42 million from $97.63 million, up 5.9%[28] - Long-term assets grew to $48.28 million from $32.63 million, a rise of 48.0%[28] Liabilities and Equity - Current liabilities increased to $428.02 million from $395.69 million, up 8.2%[28] - Stockholders' equity rose to $483.07 million from $345.03 million, a growth of 40.0%[28] - Working capital increased to $348.47 million from $226.30 million, up 54.0%[28] - Deferred and other long-term liabilities grew to $17.09 million from $11.53 million, up 48.2%[28] - Total liabilities and stockholders' equity reached $928.18 million, up 23.4% from $752.24 million[28]