The stock surged 18.7% following Powell Industries’ earnings report, driven by stronger-than-expected order growth and backlog expansion supported by significant mega project awards and healthy activity across multiple end markets.
- New orders reached $490 million in the quarter, contributing to a midyear total of nearly $1 billion in awards.
- Backlog grew 12% sequentially and 33% year-over-year to $1.8 billion, providing visibility well into fiscal 2028.
- Two mega projects awarded this quarter exceeded $75 million each, with an additional $400 million mega project announced post-quarter that is now the company’s largest ever.
- Revenue increased 6% year-over-year, with gross margin maintained at 29.6%, reflecting continued solid project execution.
- Business diversification across electric utility (30% of backlog), oil and gas (29%), and commercial/industrial/data centers (29%) is reducing cyclicality and supporting capacity expansion efforts.
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