Powell Industries Reports Record-Breaking Fiscal Performance in Q2 2024
Thumping beats on both the top and bottom lines
Powell's fiscal second quarter of 2024 saw the company book $255 million in revenue for 49% year-over-year growth. Net income according to GAAP standards saw a dramatic improvement -- it grew by nearly fourfold to almost $33.5 million ($2.75 per share).
- High revenue growth indicates strong demand in sectors served by Powell Industries
- Net income improvement demonstrates efficient cost management and operational performance
Continued growth on tap, says management
Powell expects favorable market dynamics to drive continued growth in fiscal 2024 and 2025. The company's CEO highlighted solid second-quarter results and optimistic outlook for the future based on performance in industrial and utility markets.
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