Powell Industries, Inc. announced a strong start to fiscal 2025, reporting results for the first quarter ended December 31, 2024. Revenues for the quarter totaled $241.4 million, marking a 24% increase compared to $194.0 million in the prior year's first quarter. This growth was driven by higher revenue levels across all major market sectors, including a 14% increase in Oil & Gas, 26% in Electric Utility, and 80% in Commercial & Other Industrial sectors.
Net income for the first quarter rose 44% to $34.8 million, resulting in $2.86 per diluted share, compared to $24.1 million, or $1.98 per diluted share, in the prior year. Gross profit increased by 24% to $59.5 million, maintaining a gross margin of 24.7% of revenue, consistent with the prior year.
New orders for the quarter totaled $269 million, a 36% increase from $198 million in the prior year, driven by robust activity in the Oil & Gas and Electric Utility sectors. The company's backlog remained stable at $1.3 billion as of December 31, 2024. Management noted that planned manufacturing capacity upgrades are on track for completion in mid-fiscal 2025, which are expected to facilitate organic growth and commercialize new products.
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