Powell Industries, Inc. reported solid results for the second quarter of fiscal 2025, ended March 31, 2025. Revenues totaled $278.6 million, an increase of 9% compared to $255.1 million in the prior year. This growth was primarily driven by a 48% increase in the Electric Utility sector to $70.3 million and a 16% increase in the Commercial and Other Industrial sector to $40.4 million.
Gross profit significantly increased by 33% to $83.4 million, with the gross profit margin expanding to 29.9% of revenue, a 530 basis point improvement from 24.6% in the prior year. This margin expansion was attributed to broad-based operating efficiencies, increased productivity, and project closeouts. Net income for the quarter was $46.3 million, or $3.81 per diluted share, a 38% increase from $33.5 million, or $2.75 per diluted share, in the prior year.
New orders for the quarter were $249 million, up from $235 million in the prior year, with strong bookings in the Commercial and Other Industrial sector and continued activity in the Oil & Gas sector. The company's backlog remained at $1.3 billion as of March 31, 2025. The expansion project at the Electrical Products facility in Houston is nearing completion, expected to augment manufacturing footprint and support future growth and new product commercialization.
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