Record Earnings Per Diluted Share
Powell Industries reported a record earnings per diluted share of $3.81, which is a 38% increase compared to the prior year.
Strong Revenue and Gross Profit Growth
The company achieved a revenue growth of 9% and a gross profit increase of 33% in the second quarter.
Significant Sector Growth
The electric utility sector grew by 48% and the commercial and industrial sectors grew by 16% compared to the prior year.
New Large Project Awards
Powell booked two large projects, each worth approximately $50 million, in the Greenfield LNG facility and a mining project in Canada.
Strong Backlog and Revenue Visibility
The company reported a strong backlog of $1.3 billion, providing revenue visibility well into fiscal 2027.
Launch of Innovative Products
The company launched several new products, including a grounding switch and a compact substation, which are expected to enhance future revenues.