Powell(US:POWL) Globenewswireยท2025-05-06 20:15Core Viewpoint - Powell Industries, Inc. reported strong financial results for the second quarter of Fiscal 2025, highlighting significant growth in gross profit and revenue, driven by operational efficiencies and strong order activity in key sectors [3][4][5]. Financial Performance - Revenues for the second quarter totaled $278.6 million, a 9% increase from $255.1 million in the prior year, and a 15% increase from $241.4 million in the first quarter of Fiscal 2025 [4][10]. - Gross profit reached $83.4 million, representing 29.9% of revenue, which is a 33% increase compared to $62.7 million (24.6% of revenue) in the prior year [5][10]. - Net income was $46.3 million, or $3.81 per diluted share, marking a 38% increase from $33.5 million ($2.75 per diluted share) in the prior year [7][10]. Sector Performance - The Electric Utility sector saw a revenue increase of 48% to $70.3 million, while the Commercial and Other Industrial sector grew by 16% to $40.4 million [4]. - The Petrochemical sector experienced a revenue decline of 13% to $43.7 million [4]. Order Activity and Backlog - New orders totaled $249 million, up from $235 million in the prior year, driven by strong bookings in the Commercial and Other Industrial sector and robust activity in the Oil & Gas sector [6]. - The backlog remained stable at $1.3 billion as of March 31, 2025, unchanged from both December 31, 2024, and March 31, 2024 [6]. Strategic Initiatives - The company is nearing completion of an expansion project at its Electrical Products facility in Houston, aimed at enhancing manufacturing capacity and supporting future growth [8]. - The focus remains on execution discipline, customer fulfillment, and driving cost efficiencies across the business [9]. Cash Position - As of March 31, 2025, cash and short-term investments totaled $389 million, reflecting a solid liquidity position [10][19].