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Jun 30, 2024
Powell Industries Q3 2024 Earnings Report
Powell Industries reported strong Q3 2024 results with significant revenue growth and solid operational performance.
Key Takeaways
Powell Industries reported a strong third quarter with a 50% increase in revenue, driven by growth in the Oil and Gas and Petrochemical sectors. Net income increased to $46 million, or $3.79 per diluted share. New orders totaled $356 million, and the backlog remained strong at $1.3 billion.
Revenues increased by 50% to $288 million.
Gross profit reached $82 million, representing 28.4% of revenue.
Net income was $46 million, or $3.79 per diluted share.
New orders totaled $356 million, spread across key end markets.
Powell Industries
Powell Industries
Forward Guidance
Powell Industries expects to sustain its year-to-date financial performance through the fourth quarter of fiscal 2024 and anticipates a strong entry point into fiscal 2025, encouraged by strong commercial activity and ongoing operational improvements.
Positive Outlook
- Commercial activity remains strong, providing a tailwind as we close out the year.
- Operationally, we continue to make improvements necessary to execute our backlog.
- Progressing our plans to thoughtfully expand our capabilities.
- Well-positioned to sustain our year-to-date financial performance through the fourth quarter.
- Providing a strong entry point as we look forward to fiscal 2025.
Challenges Ahead
- Typical challenges associated with a projects-based business.
- Unexpected contract adjustments.
- Cancellations.
- Scope reductions.
- International political and economic risks.