Powell reports Q3 EPS $3.96, consensus $3.77

Reports Q3 revenue $286.27M, consensus $301.69M. Brett Cope, Powell’s (POWL) chairman and CEO, stated, “I am very proud of the Powell team as we delivered another strong quarter of results. We continue to execute our project backlog at a high level, achieving a gross margin of 30.7% in the current quarter, an improvement of 230 basis points compared to the prior year. Our strong brand of trusted execution supports another quarter of robust order activity highlighted by a book-to-bill ratio(3) of 1.3x and sequential backlog growth of 7%. While new order activity was strong across most of our key markets, notable awards in the quarter included a $60 million award in the Electric Utility market – the largest utility order in Powell’s history – and a testament to our long-term focus of growth within this market. We were also awarded over $80 million combined from two separate awards for custom offshore modules for oil and gas production; and we received a $30 million order for a large Traction Power project based in the United States.”