Powell Industries, Inc. reported a strong financial performance for the fiscal year ending September 30, 2025, with revenues reaching $1.1 billion, a 9% increase from $1.01 billion in the previous fiscal year. The company also achieved a net income of $180.7 million, or $14.86 per diluted share, compared to $149.8 million, or $12.29 per diluted share, in fiscal 2024. This growth was primarily driven by a robust project backlog and strong bookings across various sectors, particularly in the electric utility and commercial markets.
The company’s backlog as of September 30, 2025, stood at $1.4 billion, reflecting a 3% increase from $1.3 billion in the prior year. Approximately $824 million of this backlog is expected to be recognized as revenue in the upcoming fiscal year. Powell's international revenues surged by 35% to $224.1 million, largely due to increased project volume from operations in Canada and heightened activity in the Middle East and Africa. In contrast, revenue from the petrochemical market decreased by 19% to $151.2 million, attributed to a reduction in backlog and bookings.
Strategically, Powell Industries completed the acquisition of Remsdaq Limited, a U.K.-based manufacturer of Supervisory Control and Data Acquisition (SCADA) Remote Terminal Units, for $18.4 million. This acquisition is expected to enhance Powell's automation platform capabilities and meet the growing demand for sophisticated solutions in utility operations. Additionally, the company announced a $12.4 million investment to expand its Jacintoport manufacturing facility in Houston, Texas, which will increase production capacity by 62%.
Operationally, Powell Industries employed 3,143 full-time employees as of September 30, 2025, with a focus on maintaining a strong workforce to meet customer demands. The company reported that material costs represented 45% of revenues, down from 49% in the previous year, indicating improved cost management. However, Powell remains vigilant regarding potential supply chain disruptions and inflationary pressures that could impact future operations. The company’s outlook remains positive, with continued focus on capitalizing on opportunities in the oil and gas, electric utility, and commercial sectors, while navigating the macroeconomic environment.
About POWELL INDUSTRIES INC
Powell Industries, Inc. designs, manufactures, and services custom electrical equipment and systems for power distribution, control, and protection. Its core markets include oil and gas, petrochemical, electric utility, and industrial sectors. The company offers integrated substations, switchgear, motor control centers, and related services, focusing on engineering, project management, and system integration to deliver tailored solutions globally.
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