POWELL INDUSTRIES INC (POWL)

Shares of electrical energy control systems manufacturer Powell (NYSE:POWL) fell 17.6% in the afternoon session after the company reported weak third-quarter results, with sales falling significantly below Wall Street's estimates. New orders came in at $267 million, a significant decline compared to the previous quarter. Total backlogs were also flat quarter on quarter and relative to the previous year. Given the deceleration in some of the forward growth indicators, markets are likely worried about the near-term sales outlook, with management also acknowledging that the first quarter of its fiscal year is "seasonally slower." On a more positive note, gross margin improved due to higher volume levels across all manufacturing facilities, supported by improved operating efficiency and product pricing. As a result, adjusted EBITDA and EPS beat analysts' expectations during the quarter. Overall, this quarter could have been better.

Shares of electrical energy control systems manufacturer Powell (NYSE:POWL) fell 17.6% in the afternoon session after the company reported weak third-quarter results, with sales falling significantly below Wall Street's estimates. New orders came in at $267 million, a significant decline compared to the previous quarter. Total backlogs were also flat quarter on quarter and relative to the previous year. Given the deceleration in some of the forward growth indicators, markets are likely worried about the near-term sales outlook, with management also acknowledging that the first quarter of its fiscal year is "seasonally slower." On a more positive note, gross margin improved due to higher volume levels across all manufacturing facilities, supported by improved operating efficiency and product pricing. As a result, adjusted EBITDA and EPS beat analysts' expectations during the quarter. Overall, this quarter could have been better.

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Let's have a look at what is happening on the US markets after the closing bell on Tuesday. Below you can find the top gainers and losers in today's after hours session.

Electrical energy control systems manufacturer Powell (NYSE:POWL) missed Wall Street’s revenue expectations in Q3 CY2024, but sales rose 31.8% year on year to $275.1 million. Its GAAP profit of $3.77 per share was 6.2% above analysts’ consensus estimates.

HOUSTON, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom-engineered solutions for the management,...