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Powell Industries, Inc. has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing an increase in revenues to $1.0 billion from $699.3 million in the previous year. This increase is attributed to a rise in project backlog and strong bookings.
Gross profit for the year was $273.1 million, compared to $147.6 million in the previous year, with the increase attributed to higher volume levels and improved project execution.
Selling, general, and administrative expenses increased to $84.9 million from $78.8 million, primarily due to increased compensation expense and infrastructure improvements.
Net income for the year was $149.8 million, up from $54.5 million in the previous year. The increase is mainly due to higher revenues and improved gross profit margins.
Powell reported a backlog of $1.3 billion as of September 30, 2024, with approximately $849 million expected to be recognized as revenue during the fiscal year ending September 30, 2025.
Cash provided by operating activities was $108.7 million, while cash used in investing and financing activities was $21.9 million and $19.3 million, respectively.
The company had a working capital of $348.5 million as of September 30, 2024. Powell anticipates that its cash, cash equivalents, and available borrowings will be sufficient to support its future operating activities.
The filing also details various financial agreements, including a third amendment to its credit agreement with Bank of America, N.A. (BAC-0.24%), increasing the revolving line of credit to $150.0 million.
Powell does not anticipate significant off-balance sheet arrangements during the periods presented.
The company continues to focus on developing new products and enhancing existing offerings, with research and development expenses totaling $9.4 million for the year.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Powell Industries Inc. annual 10-K report dated November 20, 2024. To report an error, please email earnings@qz.com.