Powell Industries surges on strong qtrly results
01/05/2024 14:20
** Shares of Powell Industries POWL.O up 25.9% premarket
to $180, nearly 2-mth high, after strong qtrly results
** Houston-based electrical infrastructure firm late Tues
posted Q2 rev of $255 mln, up 49% yr/yr, and adj EPS of $2.75
compared to $0.70 profit in yr-ago qtr
** “Powell delivered solid second quarter results supported
by continued growth within our Industrial end markets as well as
strong performances from both our Electric Utility and
Commercial and Other Industrial markets," CEO Brett Cope said in
statement
** According to LSEG, just Sidoti & Company provided
estimates; brokerage had called for Q2 rev of $201.45 mln and
adj EPS of $1.78
** Through Tues, POWL up 62% YTD and up ~250% over the past
12 months. Stock hit record high of $197.87 on Mar 4
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))