News & Events
Powell Industries Announces Third Quarter Fiscal 2025 Results
Aug 05, 2025
Third Quarter Key Financial and Strategic Highlights:
- Revenues of
$286 million were essentially unchanged; - Gross profit of
$88 million , or 30.7% of revenue, increased 8%; - Net income of
$48 million , or$3.96 per diluted share, increased 4%; - New orders(1) totaled
$362 million ; - Backlog(2) as of
June 30, 2025 totaled$1.4 billion , an increase of 7% compared to the second fiscal quarter; - Cash and short-term investments as of
June 30, 2025 totaled$433 million . - Subsequent to quarter end, Powell announced a definitive agreement to acquire
Remsdaq Ltd. , aU.K. -based manufacturer of SCADA Remote Terminal Units for electrical substation control and automation in generation, transmission and distribution.
Third Quarter Fiscal 2025 Results
Revenues totaled
Gross profit of
New orders totaled
Backlog totaled
Net income of
Cope added, “We continue to execute against our strategic plan to support Powell’s profitable growth and long-term success. Our recently announced acquisition of Remsdaq significantly strengthens our Electric Automation platform and is an important building block in our ability to serve our markets with a Powell solution. In parallel, our latest product initiatives and development wins are generating strong commercial momentum as we continue to diversify and expand our product portfolio. These internal initiatives, combined with what we see as sustained demand drivers across our key markets, reinforce our outlook for continued strong operational and financial performance. Overall, we remain very encouraged by the strong demand across the markets we serve and are confident in our ability to deliver value for our customers and shareholders alike.”
OUTLOOK
Commenting on the Company's outlook,
CONFERENCE CALL
Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting powellind.com. To listen to the live call on the web, please visit the website at least 15 minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call and will remain available for approximately 90 days at powellind.com.
About
Any forward-looking statements in the preceding paragraphs of this release, including those related to our outlook and acquisitions, including the Remsdaq acquisition, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials, the impact of tariffs and execution of business strategy. For further information, please refer to the Company's filings with the
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||||
| Three Months Ended |
Nine Months Ended |
||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Revenues | $ | 286,273 | $ | 288,168 | $ | 806,335 | $ | 737,293 | |||||||||
| Cost of goods sold | 198,374 | 206,428 | 575,480 | 544,639 | |||||||||||||
| Gross profit | 87,899 | 81,740 | 230,855 | 192,654 | |||||||||||||
| Selling, general and administrative expenses | 25,116 | 22,022 | 68,359 | 63,316 | |||||||||||||
| Research and development expenses | 2,659 | 2,430 | 7,881 | 6,681 | |||||||||||||
| Operating income | 60,124 | 57,288 | 154,615 | 122,657 | |||||||||||||
| Other expenses (income): | |||||||||||||||||
| Interest income, net | (3,977 | ) | (4,508 | ) | (11,397 | ) | (12,934 | ) | |||||||||
| Income before income taxes | 64,101 | 61,796 | 166,012 | 135,591 | |||||||||||||
| Income tax provision | 15,867 | 15,573 | 36,685 | 31,795 | |||||||||||||
| Net income | $ | 48,234 | $ | 46,223 | $ | 129,327 | $ | 103,796 | |||||||||
| Earnings per share: | |||||||||||||||||
| Basic | $ | 4.00 | $ | 3.85 | $ | 10.72 | $ | 8.67 | |||||||||
| Diluted | $ | 3.96 | $ | 3.79 | $ | 10.63 | $ | 8.52 | |||||||||
| Weighted average shares: | |||||||||||||||||
| Basic | 12,071 | 11,998 | 12,059 | 11,977 | |||||||||||||
| Diluted | 12,175 | 12,205 | 12,166 | 12,180 | |||||||||||||
| SELECTED FINANCIAL DATA: | |||||||||||||||||
| Depreciation | $ | 1,742 | $ | 1,709 | $ | 5,215 | $ | 5,074 | |||||||||
| Capital Expenditures | $ | 5,117 | $ | 1,389 | $ | 11,380 | $ | 3,527 | |||||||||
| Dividends Paid | $ | 3,228 | $ | 3,176 | $ | 9,640 | $ | 9,475 | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
| (In thousands) | ||||||||
| (Unaudited) | ||||||||
| Assets: | ||||||||
| Cash, cash equivalents and short-term investments | $ | 433,040 | $ | 358,392 | ||||
| All other current assets | 447,119 | 418,089 | ||||||
| Property, plant and equipment, net | 109,376 |
103,421 | ||||||
| Long-term assets | 52,681 | 48,278 | ||||||
| Total assets | $ | 1,042,216 | $ | 928,180 | ||||
| Liabilities and equity: | ||||||||
| Current liabilities | $ | 427,345 |
$ | 428,015 |
||||
| Deferred and other long-term liabilities | 19,966 | 17,092 | ||||||
| Stockholders’ equity | 594,905 | 483,073 | ||||||
| Total liabilities and stockholders’ equity | $ | 1,042,216 | $ | 928,180 | ||||
| SELECTED FINANCIAL DATA: | ||||||||
| Working capital(4) | $ | 452,814 | $ | 348,466 | ||||
| (1) | New orders (bookings) represent the estimated value of contracts added to existing backlog (unsatisfied performance obligations). |
| (2) | The amounts recorded in backlog may not be a reliable indicator of our future operating results and may not be indicative of continuing revenue performance over future fiscal quarters or years primarily due to unexpected contract adjustments, cancellations or scope reductions. |
| (3) | The book-to-bill ratio represents the ratio of new orders (bookings) received in the period divided by the revenues recognized in the period. |
| (4) | Working Capital is equal to current assets (including Cash and ST Investments) minus current liabilities. |
| Contacts: | 713-947-4422 POWL@alpha-ir.com 312-445-2870 |
Source: Powell Industries, Inc.