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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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