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Dec 31, 2023
Powell Industries Q1 2024 Earnings Report
Reported strong first quarter results driven by revenue growth and improved profitability.
Key Takeaways
Powell Industries reported a strong first quarter with a 53% increase in revenues, a gross profit margin improvement of 950 basis points, and net income of $24 million. New orders totaled $198 million, and backlog nearly doubled to $1.3 billion.
Revenues increased by 53% to $194 million.
Gross profit reached $48 million, with a margin of 24.8%, an improvement of 950 basis points.
Net income was $24 million, or $1.98 per diluted share.
Backlog nearly doubled to $1.3 billion.
Powell Industries
Powell Industries
Forward Guidance
Powell Industries anticipates sustaining solid financial results delivered in Fiscal 2023, with momentum continuing into Fiscal 2024, encouraged by commercial activity and backlog.
Positive Outlook
- Optimistic about commercial activity across most core end markets.
- Confident in sustaining solid financial results.
- Momentum expected to continue into Fiscal 2024.
- Board approved a 1% increase to common stock dividend.
- Prudent approach to capital allocation to fund working capital and growth aspirations.