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Mar 31, 2024
Powell Industries Q2 2024 Earnings Report
Powell Industries' second quarter performance showcased substantial revenue growth and improved profitability.
Key Takeaways
Powell Industries reported a strong second quarter with a 49% increase in revenue, driven by growth in the Oil and Gas, Petrochemical, Commercial, and Electric Utility sectors. Gross profit margin improved significantly, and net income rose substantially compared to the previous year. Backlog remained strong at $1.3 billion.
Revenues increased by 49% to $255 million.
Gross profit margin improved by 510 basis points to 24.6%.
Net income reached $33 million, or $2.75 per diluted share.
Backlog remained steady at $1.3 billion.
Forward Guidance
Powell Industries anticipates a strong financial performance in Fiscal 2024, supported by favorable dynamics in its core Industrial, Electric Utility, and Commercial and Other Industrial markets. The company's backlog and commercial activity are expected to sustain this performance into Fiscal 2025. Capacity initiatives are on track to support current and future backlog.
Positive Outlook
- Core Industrial end markets exhibiting favorable dynamics and activity levels.
- Electric Utility market shows promising growth.
- Commercial and Other Industrial markets are expanding.
- Quality and duration of backlog support sustained financial performance.
- Capacity initiatives progressing as planned to service backlog.
Challenges Ahead
- Potential impact on LNG projects due to pause on export permitting by the Department of Energy.
- Timing of future LNG projects may be affected.
- General economic and industrial conditions can pose risks.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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