Powell Industries, Inc. announced robust financial results for the fourth quarter and full fiscal year ended September 30, 2024. For the fourth quarter, revenues increased by 32% to $275.1 million compared to the prior year, with net income surging 74% to $46.1 million, or $3.77 per diluted share. Gross profit reached $80.4 million, representing a 29.2% margin, an increase of 590 basis points from the prior year.
The full fiscal year 2024 saw revenues climb 45% to $1.0 billion, driven by significant growth in the Oil & Gas and Petrochemical sectors, which grew 53% and 97% respectively. Net income for the full year was $149.8 million, or $12.29 per diluted share, marking a 175% increase over fiscal 2023. Gross profit for the year was $273.1 million, or 27.0% of revenues, an 85% increase from the previous fiscal year.
New orders totaled $267 million in the fourth quarter and $1.1 billion for the full year, contributing to a stable backlog of $1.3 billion as of September 30, 2024. Management expressed confidence in fiscal 2025, anticipating continued strength across most end markets and modest manufacturing capacity upgrades to be completed by the middle of the fiscal year to support organic growth.
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