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Powell Industries Inc. (POWL-5.18%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $241.4 million from $194.0 million in the same quarter the previous year. This increase is attributed to strong project backlog and bookings.
Domestic revenues increased by 24% to $197.8 million, while international revenues rose by 28% to $43.6 million, driven by increased project volume from Canadian operations.
The company reported a gross profit of $59.5 million for the quarter, with gross profit as a percentage of revenues remaining flat at 25%.
Selling, general, and administrative expenses increased to $21.5 million, primarily due to increased compensation expenses.
Net income for the quarter was $34.8 million, up from $24.1 million in the previous year. Earnings per diluted share increased to $2.86 from $1.98.
Cash provided by operating activities was $37.1 million, while cash used in investing and financing activities was $9.5 million and $15.2 million, respectively.
Powell had a working capital ratio of 1.9 as of December 31, 2024. The company maintains a credit agreement with Bank of America and Texas Capital Bank with an aggregate commitment of $150.0 million.
The filing also details various financial agreements, including letters of credit and surety bonds totaling $56.1 million and $432.1 million, respectively.
Powell expects to complete a facility expansion project in Houston by mid-Fiscal 2025, with planned capital spending of approximately $11 million.
The company continues to focus on its core markets and strategic expansion into electric utility and commercial sectors, with a backlog of $1.3 billion as of December 31, 2024.
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. quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.