Powell Q2 revenue up 34% to $171M; net income $8.5M vs loss; backlog record $1B

Revenues for the second fiscal quarter totaled $171.4 million, an increase of 34% compared to $127.9 million in the prior year, which represents sequential growth of 35% compared to $126.9 million in the first fiscal quarter. Gross profit in the quarter totaled $33.4 million, an increase of $14.4 million, or 75%, compared to the prior year, and compared to $19.5 million in the fiscal first quarter. Gross margin in the second quarter was 19.5%, an increase of 460 basis points compared to the prior year and 420 basis points compared to the fiscal first quarter. New orders placed in the second quarter more than tripled to $508 million compared to $151 million in the prior year, and more than doubled compared to $212 million in the first quarter. Backlog as of March 31, 2023 was a record $1.0 billion, an increase of 50% compared to $680 million as of December 31, 2022, and compared to $440 million at the end of the fiscal second quarter in the prior year. Net income in the second fiscal qu