Powell Industries Announces Third Quarter Fiscal 2024 Results
Powell Industries (NASDAQ: POWL) reported strong fiscal Q3 2024 results, with revenues up 50% to $288.2 million and net income of $46.2 million ($3.79 per diluted share). The company saw significant growth across sectors, particularly in Oil and Gas (56% increase) and Petrochemical (158% increase). Gross profit margin improved to 28.4%, driven by higher volumes and improved efficiencies. New orders totaled $356 million, with a notable increase in the Electric Utility sector. The backlog remained stable at $1.3 billion. Powell's strong financial position, with $374 million in cash and short-term investments, supports ongoing investments in capacity expansion, including recent property acquisition near its Houston headquarters.
Powell Industries (NASDAQ: POWL) ha riportato risultati solidi per il terzo trimestre fiscale del 2024, con ricavi aumentati del 50% a 288,2 milioni di dollari e un utile netto di 46,2 milioni di dollari (3,79 dollari per azione diluita). L'azienda ha registrato una crescita significativa in vari settori, in particolare nell'Oil e Gas (aumento del 56%) e nella Petrochimica (aumento del 158%). Il margine di profitto lordo è migliorato al 28,4%, sostenuto da volumi più elevati e miglioramenti dell'efficienza. I nuovi ordini hanno totalizzato 356 milioni di dollari, con un notevole incremento nel settore delle Utility Elettriche. Il portafoglio ordini è rimasto stabile a 1,3 miliardi di dollari. La solida posizione finanziaria di Powell, con 374 milioni di dollari in contante e investimenti a breve termine, supporta gli investimenti in espansione della capacità, compresa l'acquisizione recente di una proprietà vicino alla sede centrale di Houston.
Powell Industries (NASDAQ: POWL) reportó resultados sólidos para el tercer trimestre fiscal de 2024, con ingresos aumentados en un 50% a 288,2 millones de dólares y un ingreso neto de 46,2 millones de dólares (3,79 dólares por acción diluida). La empresa experimentó un crecimiento significativo en varios sectores, especialmente en Petróleo y Gas (incremento del 56%) y Petroquímica (incremento del 158%). El margen de ganancia bruta mejoró al 28,4%, impulsado por mayores volúmenes y mejoras en la eficiencia. Los nuevos pedidos totalizaron 356 millones de dólares, con un notable aumento en el sector de Servicios Públicos Eléctricos. La cartera de pedidos se mantuvo estable en 1,3 mil millones de dólares. La sólida posición financiera de Powell, con 374 millones de dólares en efectivo e inversiones a corto plazo, apoya las inversiones continuas en expansión de capacidad, incluida la reciente adquisición de una propiedad cerca de su sede en Houston.
Powell Industries (NASDAQ: POWL)는 2024 회계연도 3분기 강력한 실적을 발표했으며, 매출이 50% 증가한 2억 8,820만 달러와 순이익 4,620만 달러(희석주당 3.79 달러)를 기록했습니다. 회사는 특히 석유 및 가스(56% 증가)와 석유화학(158% 증가) 분야에서 상당한 성장을 경험했습니다. 총 이익률이 28.4%로 개선되었습니다, 이는 높은 거래량과 효율성 향상에 기인합니다. 신규 주문은 총 3억 5,600만 달러로, 전력 유틸리티 분야에서 주목할 만한 증가가 있었습니다. 백로그는 13억 달러로 안정적이었습니다. Powell의 강력한 재무 상태는 3억 7,400만 달러의 현금 및 단기 투자로 지원되며, 이는 휴스턴 본사 근처의 최근 부동산 인수를 포함한 용량 확장에 대한 지속적인 투자를 지원합니다.
Powell Industries (NASDAQ: POWL) a annoncé de solides résultats pour le troisième trimestre fiscal 2024, avec des revenus en hausse de 50%, atteignant 288,2 millions de dollars et un bénéfice net de 46,2 millions de dollars (3,79 dollars par action diluée). L'entreprise a connu une croissance significative dans plusieurs secteurs, notamment le pétrole et le gaz (augmentation de 56%) et la pétrochimie (augmentation de 158%). La marge brute s'est améliorée à 28,4%, soutenue par des volumes plus élevés et une efficacité accrue. Les nouvelles commandes se sont élevées à 356 millions de dollars, avec une augmentation notable dans le secteur des services publics électriques. Le carnet de commandes est resté stable à 1,3 milliard de dollars. La solide position financière de Powell, avec 374 millions de dollars en liquidités et investissements à court terme, soutient les investissements continus dans l'expansion de la capacité, y compris l'acquisition récente d'une propriété près de son siège à Houston.
Powell Industries (NASDAQ: POWL) hat für das Q3 2024 starke Ergebnisse berichtet, mit Umsätzen, die um 50% auf 288,2 Millionen Dollar gestiegen sind und einem Nettogewinn von 46,2 Millionen Dollar (3,79 Dollar pro verwässerter Aktie). Das Unternehmen verzeichnete ein erhebliches Wachstum in verschiedenen Sektoren, insbesondere im Öl- und Gassektor (56% Anstieg) und der Petrochemie (158% Anstieg). Die Bruttogewinnmarge verbesserte sich auf 28,4%, getrieben durch höhere Volumina und verbesserte Effizienzen. Die neuen Aufträge beliefen sich auf insgesamt 356 Millionen Dollar, mit einem bemerkenswerten Anstieg im Sektor der Elektrizitätsversorger. Der Auftragsbestand blieb stabil bei 1,3 Milliarden Dollar. Powells starke finanzielle Position, mit 374 Millionen Dollar in Bargeld und kurzfristigen Investitionen, unterstützt laufende Investitionen in Kapazitätserweiterungen, einschließlich der kürzlichen Grundstückserwerb in der Nähe des Unternehmenssitzes in Houston.
- Revenue increased by 50% year-over-year to $288.2 million
- Net income grew to $46.2 million, or $3.79 per diluted share
- Gross profit margin improved to 28.4% from 22.2% in the prior year
- New orders totaled $356 million, with significant growth in the Electric Utility sector
- Backlog remained strong at $1.3 billion
- Cash and short-term investments totaled $374 million
- New orders decreased compared to the prior year ($356 million vs $505 million)
Insights
Powell Industries' Q3 fiscal 2024 results demonstrate robust financial performance and operational strength. The company reported impressive revenue growth of
The company's profitability metrics are equally noteworthy. Gross profit surged by
Powell's balance sheet remains robust, with cash and short-term investments totaling
While new orders of
Overall, Powell Industries' financial performance underscores its strong market position and effective execution of its strategy. The company's outlook remains positive, supported by a solid backlog and ongoing operational improvements.
Powell Industries' Q3 results offer valuable insights into the industrial electrical equipment market dynamics. The company's strong performance across multiple sectors suggests a broad-based recovery and growth in industrial activities.
The Oil and Gas sector's
The Electric Utility sector's
The robust order intake of
The stable
Powell's investment in capacity expansion, including the acquisition of new property, suggests confidence in future market growth and positions the company to capitalize on emerging opportunities in the evolving energy and industrial landscape.
HOUSTON, July 30, 2024 (GLOBE NEWSWIRE) -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom-engineered solutions for the management, control and distribution of electrical energy, today announced results for the third quarter of fiscal 2024 ended June 30, 2024. All comparisons are to the third quarter of fiscal 2023, unless otherwise noted.
Third Quarter Key Financial Highlights:
- Revenues totaled
$288 million , an increase of50% ; - Gross profit of
$82 million , or28.4% of revenue; - Net income of
$46 million , or$3.79 per diluted share; - New orders(1) totaled
$356 million , spread broadly across our key end markets; - Backlog(2) as of June 30, 2024 remained at
$1.3 billion ; - Cash and short-term investments as of June 30, 2024 totaled
$374 million .
Brett A. Cope, Powell’s Chairman and Chief Executive Officer, stated, “Powell’s fiscal third quarter results reflect strong execution across Powell and further validates our strategy as well as our unique market position as an integrator of complex, engineered-to-order electrical solutions. Revenues in the quarter were
Third Quarter Fiscal 2024 Results
Revenues totaled
Gross profit increased
New orders totaled
Backlog totaled
Net income was
Cope added, “We remain very confident in the composition of our current backlog, the near- and medium-term outlook for our key end markets as well as our strong financial position. We have increased our investments to create incremental capacity, which includes both recently completed and newly announced facility expansions. In the beginning of July, we acquired nine acres of property near our Houston headquarters location to help further facilitate the execution of our current backlog as well as planning for modest volume growth looking forward. Altogether, we continue to expect a favorable operating environment for Powell as we focus on successfully delivering the projects in backlog to our customers and advancing our strategy.”
OUTLOOK
Commenting on the Company's outlook, Michael Metcalf, Powell’s Chief Financial Officer, said, “Looking forward, we remain encouraged with where Powell is positioned as we enter the last quarter of fiscal 2024. Commercial activity remains strong, providing a tailwind as we close out the year and prepare for fiscal 2025. Operationally, we continue to make improvements necessary to execute our backlog, while also progressing our plans to thoughtfully expand our capabilities. Notwithstanding the typical challenges associated with a projects-based business, based upon the quality of our backlog and our liquidity position, we believe that we are well-positioned to sustain our year-to-date financial performance through the fourth quarter, while providing a strong entry point as we look forward to fiscal 2025.”
CONFERENCE CALL
Powell Industries has scheduled a conference call for Wednesday, July 31, 2024 at 11:00 a.m. Eastern time. To participate in the conference call, dial 1-833-953-2431 (domestic) or 1-412-317-5760 (international) at least 10 minutes before the call begins and ask for the Powell Industries conference call. A telephonic replay of the conference call will be available through August 7, 2024 and may be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and using passcode 5961423#.
Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting powellind.com. To listen to the live call on the web, please visit the website at least 15 minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call and will remain available for approximately 90 days at powellind.com.
About Powell Industries
Powell Industries, Inc., headquartered in Houston, Texas, develops, designs, manufactures and services custom-engineered equipment and systems that distribute, control and monitor the flow of electrical energy and provide protection to motors, transformers and other electrically powered equipment. Powell Industries, Inc. serves the oil and gas and petrochemical markets that include onshore and offshore production, hydrogen, carbon capture, liquefied natural gas (LNG) facilities and terminals, pipelines, refineries, and petrochemical plants. Additional markets include electric utility, light rail traction power, and commercial and other industrial markets that include end markets such as data centers, mining and metals, and pulp and paper. For more information, please visit powellind.com.
Any forward-looking statements in the preceding paragraphs of this release, including those related to our outlook, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
POWELL INDUSTRIES, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| (In thousands, except per share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Revenues | $ | 288,168 | $ | 192,365 | $ | 737,293 | $ | 490,667 | ||||||||
| Cost of goods sold | 206,428 | 149,695 | 544,639 | 395,096 | ||||||||||||
| Gross profit | 81,740 | 42,670 | 192,654 | 95,571 | ||||||||||||
| Selling, general and administrative expenses | 22,022 | 19,691 | 63,316 | 58,384 | ||||||||||||
| Research and development expenses | 2,430 | 1,427 | 6,681 | 4,471 | ||||||||||||
| Operating income | 57,288 | 21,552 | 122,657 | 32,716 | ||||||||||||
| Interest income, net | (4,508 | ) | (2,093 | ) | (12,934 | ) | (3,516 | ) | ||||||||
| Income before income taxes | 61,796 | 23,645 | 135,591 | 36,232 | ||||||||||||
| Income tax provision | 15,573 | 5,191 | 31,795 | 8,142 | ||||||||||||
| Net income | $ | 46,223 | $ | 18,454 | $ | 103,796 | $ | 28,090 | ||||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 3.85 | $ | 1.55 | $ | 8.67 | $ | 2.37 | ||||||||
| Diluted | $ | 3.79 | $ | 1.52 | $ | 8.52 | $ | 2.32 | ||||||||
| Weighted average shares: | ||||||||||||||||
| Basic | 11,998 | 11,889 | 11,977 | 11,876 | ||||||||||||
| Diluted | 12,205 | 12,140 | 12,180 | 12,106 | ||||||||||||
| SELECTED FINANCIAL DATA: | ||||||||||||||||
| Depreciation | $ | 1,709 | $ | 2,188 | $ | 5,074 | $ | 6,500 | ||||||||
| Capital Expenditures | $ | 1,389 | $ | 650 | $ | 3,527 | $ | 4,006 | ||||||||
| Dividends Paid | $ | 3,176 | $ | 3,112 | $ | 9,475 | $ | 9,292 | ||||||||
POWELL INDUSTRIES, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, 2024 | September 30, 2023 | ||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| Assets: | |||||||
| Cash, cash equivalents and short-term investments | $ | 374,045 | $ | 279,009 | |||
| Other current assets | 361,649 | 342,976 | |||||
| Property, plant and equipment, net | 96,468 | 97,625 | |||||
| Long-term assets | 36,821 | 32,632 | |||||
| Total assets | $ | 868,983 | $ | 752,242 | |||
| Liabilities and equity: | |||||||
| Current liabilities | $ | 418,435 | $ | 395,686 | |||
| Deferred and other long-term liabilities | 13,809 | 11,530 | |||||
| Stockholders’ equity | 436,739 | 345,026 | |||||
| Total liabilities and stockholders’ equity | $ | 868,983 | $ | 752,242 | |||
| SELECTED FINANCIAL DATA: | |||||||
| Working capital | $ | 317,259 | $ | 226,299 | |||
| (1) | New orders (bookings) represent the estimated value of contracts added to existing backlog (unsatisfied performance obligations). |
| (2) | The amounts recorded in backlog may not be a reliable indicator of our future operating results and may not be indicative of continuing revenue performance over future fiscal quarters or years primarily due to unexpected contract adjustments, cancellations or scope reductions. |
| Contacts: | Michael W. Metcalf, CFO Powell Industries, Inc. 713-947-4422 |
| Robert Winters or Ryan Coleman Alpha IR Group POWL@alpha-ir.com 312-445-2870 |
FAQ
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