The electrical equipment maker reported $312M in Q3 revenue, falling short of expectations by $4.88M despite a 9% year-over-year increase.
Powell Industries (POWL) saw its stock decline 13% in pre-market trading after third-quarter revenue reached $312M, missing analyst estimates by $4.88M. The company’s topline grew 9% year-over-year, but the shortfall weighed on investor sentiment.
The electrical equipment manufacturer secured a record $934M in new orders during the quarter, pushing its backlog to an all-time high of $2.4B. Despite strong demand, the revenue miss overshadowed the positive order growth.
Shares fell sharply in early trading, reflecting disappointment over the quarterly performance relative to expectations.