Powell Industries, Inc. ( (POWL) ) has released its Q4 earnings. Here is a breakdown of the information Powell Industries, Inc. presented to its investors.
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Powell Industries, Inc., based in Houston, Texas, specializes in the development, design, manufacture, and service of custom-engineered equipment for the distribution, control, and monitoring of electrical energy, primarily serving the oil and gas, petrochemical, and electric utility sectors.
Powell Industries reported robust financial results for the fourth quarter and full year of fiscal 2024, showcasing significant growth in revenues and net income compared to the previous fiscal year. The company’s performance was driven by strong demand across its core markets, including oil and gas, petrochemical, and electric utility sectors.
In the fourth quarter of fiscal 2024, Powell Industries achieved revenues of $275 million, marking a 32% increase from the prior year. Net income surged by 74% to $46 million, reflecting effective project execution and improved margins. For the full year, revenues reached $1.0 billion, up 45% from the previous year, while net income more than doubled to $150 million. Key growth sectors included oil and gas, which saw a 53% increase, and petrochemical, with a 97% rise in revenues.
The company maintained a strong backlog of $1.3 billion as of September 30, 2024, indicating sustained demand for its products and services. While new orders for the year totaled $1.1 billion, slightly down from the previous year due to fewer large-scale projects, Powell Industries continues to diversify into emerging markets such as data centers and alternative fuels.
Looking ahead to fiscal 2025, Powell Industries is optimistic about its growth prospects, supported by a healthy backlog and strategic investment in manufacturing capacity upgrades. The company is poised to capitalize on the increasing global demand for electrical energy solutions, leveraging its extensive expertise and market presence.
