Why Powell Industries Stock Is Surging Today
It appears Powell Industries (NASDAQ: POWL) isn't feeling the impact of the much-discussed industrial slowdown. Shares of the electrical equipment distributor traded up 48% as of 10:30 a.m. ET Wednesday after Powell easily topped earnings expectations and raised its dividend.
Powell Industries is a maker of custom-engineered products that manage, control, and distribute electrical energy. At a time when a lot of industrial companies are complaining about tepid growth and fears about the future, Powell is seeing strong demand for its products.
The company reported fiscal first-quarter earnings of $1.98 per share on revenue of $194 million, easily topping analyst expectations for $0.84 per share in earnings on $182.04 million in sales. Revenue was up 53% year over year, and gross margin came in at 24.8%, 950 basis points better than the prior year. Powell's fiscal Q1 ended Dec. 31, 2023.
Source Fool.com
