Powell Industries Announces Fourth Quarter and Full Year Fiscal 2024 Results

Core Viewpoint - Powell Industries, Inc. reported strong financial results for the fourth quarter and full year of fiscal 2024, highlighting significant revenue growth and improved profitability across key sectors, particularly in oil & gas and petrochemical markets [1][4]. Fourth Quarter Key Financial Highlights - Revenues reached $275 million, a 32% increase from $208.6 million in the prior year [2][5]. - Gross profit was $80 million, representing 29.2% of revenue, up from 24.9% in the previous year [2][6]. - Net income increased by 74% to $46 million, or $3.77 per diluted share, compared to $26.4 million, or $2.17 per diluted share, in the prior year [2][8]. - New orders totaled $267 million, up from $171 million in the prior year [2][7]. - Backlog remained stable at $1.3 billion as of September 30, 2024 [2][8]. - Cash and short-term investments amounted to $358 million [2][20]. Full Year Key Financial Highlights - Total revenues for the year were $1.0 billion, a 45% increase from $699.3 million in fiscal 2023 [3][9]. - Gross profit for the year was $273 million, or 27.0% of revenue, up from 21.1% in the previous year [3][10]. - Net income for the year increased by 175% to $150 million, or $12.29 per diluted share, compared to $54.5 million, or $4.50 per diluted share, in fiscal 2023 [3][11]. - Net new orders totaled $1.1 billion, down from $1.4 billion in fiscal 2023 due to the absence of large megaprojects [3][11]. Market Performance and Strategic Outlook - The company experienced significant growth in its largest markets, with oil & gas and petrochemical sectors growing by 53% and 97%, respectively [4][10]. - Powell Industries is diversifying into markets such as data centers, hydrogen, carbon capture, and alternative fuels [4]. - The company anticipates continued strength across its end markets in fiscal 2025, supported by a robust backlog and strong liquidity [12][13].