Powell spikes over 13% after Q1 results, dividend boost

Shares of custom-engineered equipment maker Powell spiked 14% in after-hours trading on Tuesday evening to almost $93 per share after the company reported Q1 results that beat on the top and bottom lines by a wide margin. New orders totaled $198M compared to net new orders of $171M and $212M in the fourth and first quarters of Fiscal 2023, respectively. Backlog totaled $1.3B as of December 31 which was essentially flat sequentially compared to backlog as of September 30, and was significantly higher than $680M of backlog as of December 31. Net income was $24.1M, or $1.98 per diluted share, compared to $26.4M, or $2.17 per diluted share, in the fourth quarter of Fiscal 2023 and compared to $1.2M , or 10c per diluted share, in the first quarter of Fiscal 2023.