Shares of Powell Industries rose sharply Wednesday after the company’s profit and revenue jumped in the fiscal first quarter.
The stock was up 50% to $122.15 in recent trading, on track for a new all-time high and its largest percent increase on record. Shares are on track for their best three-day period since 1989 and have nearly tripled in the last year.
The Houston-based electrical distribution company said late Tuesday that its revenue increased 53% to $194 million in the quarter ended Dec. 31.
Powell posted a profit of $24.1 million, or $1.98 a share, compared with $1.16 million, or 10 cents a share, a year earlier.
The company said it saw strong growth in its Petrochemical, Oil and Gas, Utility and Commercial and Other Industrial sectors.
“The solid revenue growth driven by the strength and quality of our backlog, coupled with terrific project execution and associated efficiency gains are translating to the improved profitability that we experienced in the quarter,” said Chief Executie Brett Cope.
Chief Financial Officer Michael Metcalf said the company expected activity in most of its core markets to continue through fiscal 2024.
Powell also raised its dividend 1% to 26.5 cents.