Strong financial results for Powell Industries in Q4 and full year fiscal 2024, attributed to market growth.

From GlobeNewswire: 2024-11-19 16:15:00

Powell Industries, Inc. announced strong financial results for the fourth quarter and full year fiscal 2024. In the fourth quarter, revenues reached $275 million, a 32% increase, with a gross profit of $80 million and net income of $46 million. Full-year revenues totaled $1.0 billion, a 45% increase, with net income of $150 million.

The company attributed its success to growth in key markets like oil & gas, petrochemical, and electric utilities, with new orders totaling $1.1 billion for the year. Powell Industries experienced a 32% revenue increase in the fourth quarter, with gross profit up 55% and net income up 74%. Backlog remained strong at $1.3 billion.

Looking ahead to fiscal 2025, Powell Industries expects continued strength in its markets, with capacity upgrades planned to support organic growth. The company remains focused on operational execution and commercial momentum. Powell Industries will hold a conference call on November 20, 2024, to discuss its financial results and outlook for the future.



Read more at GlobeNewswire:: Powell Industries Announces Fourth Quarter and Full Year