Powell Industries Earnings: Here’s Why the Stock is Down Now
Powell Industries, Inc. (NASDAQ:POWL) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.47%.
Powell Industries, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 9.52% to $0.57 in the quarter versus EPS of $0.63 in the year-earlier quarter.
Revenue: Decreased 15.2% to $153.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Powell Industries, Inc. reported adjusted EPS income of $0.57 per share. By that measure, the company beat the mean analyst estimate of $0.48. It missed the average revenue estimate of $164.51 million.
Quoting Management: Michael A. Lucas, Chief Executive Officer, stated, “Revenues in the second quarter were consistent with our first quarter volume and in line with our expectations. The oil and gas market continues to be our primary source of new business opportunities and customer inquiries on new projects remain strong, although resource constraints across the industry and changing customer schedules make planning and executing projects challenging. The global economy and competitive pressures internationally are adversely impacting the quality and number of projects in our U.K. business. Overall, however, based on the strength in our U.S. and Canadian markets, we continue to be optimistic and anticipate strong order activity through the balance of this year and into 2014.”
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