POWL - Why Powell Industries Crushed the Market on Wednesday
2024-05-01 18:15:48 ET
In any earnings season, there will be at least a few companies hyping their performance in the reported period. In the case of Powell Industries (NASDAQ: POWL) on Wednesday, management's pronouncement of a "strong year of fiscal performance" was entirely accurate. Its second-quarter earnings, released after market hours Tuesday, were excellent, and the market responded accordingly.
Powell's fiscal second quarter of 2024 saw the company book $255 million in revenue for very sturdy (49%) year-over-year growth. Net income according to GAAP standards saw a more dramatic improvement -- it grew by nearly fourfold to almost $33.5 million ($2.75 per share).
Both figures were so high above the consensus analyst estimates, they might as well be floating in space. On average, pundits following Powell stock were modeling only $201 million and change on the top line, and $1.78 per share for net income.
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Why Powell Industries Crushed the Market on Wednesday