Powell Industries delivered a solid start to fiscal 2025 (QQ1) with revenue of $241.4 million, up 24% year over year, and a backlog of roughly $1.3 billion, up $48 million from a year ago and $14 million sequentially. New orders of $269 million rose 36% YoY, underpinned by a standout LNG project award (~$75 million) that underscores Powell’s exposure to large, marquee infrastructure opportunities. The company maintained a steady gross margin around 24.7% and reported operating income of $35.6 million (14.7% of revenue) with net income of $34.8 million ($2.86 per diluted share), up 44% YoY. Management highlighted the balance of markets (oil&gas, utility, commercial/industrial) and the durability of backlog, which provides revenue visibility through fiscal 2027. Management also signaled ongoing capacity expansion, including Houston breaker facility upgrades and the nine-acre remediation project, intended to support backlog execution and mid-term growth initiatives (R&D, new products, and data-center content). The quarterly results reflect typical seasonality in Q1, with margin normalization expected as the year progresses and project closeouts from 2024 cycle off the books. Powell remains financially strong with a cash-rich balance sheet, a net cash position, and a demonstrated ability to fund CapEx, working capital, and potential opportunistic acquisitions. The LNG cycle, data-center demand, and utility project pipelines are key growth channels, albeit with execution and timing risk that could influence nearer-term volatility.Overall, the QQ1 print strengthens Powell’s multi-market exposure, reinforces its capital allocation discipline, and supports a constructive view on revenue and earnings trajectory into fiscal 2025 and beyond.