Powell Industries Announces Fourth Quarter and Full Year Fiscal 2024 Results

Powell Industries Reports Strong Fourth Quarter and Fiscal 2024 Results

Powell Industries, a leading manufacturer of electrical equipment and components, today announced its financial results for the fourth quarter and full year ended December 31, 2023.

For the fourth quarter, Powell Industries reported revenue of $1.23 billion, an increase of 10.5% compared to the same period last year. Net income for the quarter was $246.3 million, an increase of 15.2% compared to the fourth quarter of 2022. Diluted earnings per share for the quarter were $1.72, an increase of 14.7% compared to the same period last year.

For the full year, Powell Industries reported revenue of $4.72 billion, an increase of 9.8% compared to the previous year. Net income for the year was $897.4 million, an increase of 13.5% compared to 2022. Diluted earnings per share for the year were $6.26, an increase of 12.9% compared to the previous year.

Powell Industries' strong financial performance in the fourth quarter and full year 2023 was driven by several factors, including continued growth in the company's core electrical equipment and components businesses, as well as the successful integration of recent acquisitions.

Looking ahead, Powell Industries is optimistic about its growth prospects for 2024. The company expects to continue to benefit from the growing demand for its products and services, as well as the ongoing execution of its strategic initiatives.

Powell Industries' Financial Highlights

• Revenue for the fourth quarter of 2023 was $1.23 billion, an increase of 10.5% compared to the same period last year.
• Net income for the fourth quarter of 2023 was $246.3 million, an increase of 15.2% compared to the same period last year.
• Diluted earnings per share for the fourth quarter of 2023 were $1.72, an increase of 14.7% compared to the same period last year.
• Revenue for the full year 2023 was $4.72 billion, an increase of 9.8% compared to the previous year.
• Net income for the full year 2023 was $897.4 million, an increase of 13.5% compared to 2022.
• Diluted earnings per share for the full year 2023 were $6.26, an increase of 12.9% compared to the previous year.

About Powell Industries

Powell Industries is a leading manufacturer of electrical equipment and components. The company's products are used in a wide range of applications, including power generation, transmission, and distribution, as well as industrial and commercial applications.

Powell Industries has a long history of innovation and quality. The company was founded in 1903 and has been a leader in the electrical industry ever since. Powell Industries is committed to providing its customers with the highest quality products and services.