Powell Industries Falls Nearly 20% After Hours on Fiscal Q4 Revenue Miss

Jerry Kronenberg wrote a column · Nov 20, 2024 06:06

$Powell Industries (POWL.US)$ fell nearly 20% after hours Tuesday after the electrical-equipment maker trailed forecasts for fiscal Q4 revenues even as it beat analyst estimates for quarterly earnings.

POWL sank 17.7% to $260 shortly after 5 p.m. ET after the company said quarterly revenues totaled $275.1 million for the three months ended Sept. 30 -- missing the $286.5 million that analysts had reportedly expected.

The stock fell even though quarterly earnings totaled $3.77 per share, exceeding the $3.55 that published reports indicated analysts had forecast.

Still, CEO and Chairman Brett Cope put a positive spin on the results, saying in a statement that Powell "delivered a strong fourth-quarter performance that closed out another incredible year for the company. … We are entering fiscal 2025 with strong backlog and remain focused on the continued execution of our strategic priorities."

Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more

Translate

Report

38K Views

Comment

Jerry Kronenberg

Director of Financial Content

Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.

929

Followers

873

Following

3859

Visitors