FPS: F3Q26 Comments Ahead of the Call

研报英文原文证据摘录

FPS: F3Q26 Comments Ahead of the Call

Electrical Equipment & Multi-Industry

FLASH

FLASH: FORGENT POWER SOLUTIONS, INC. (FPS) May 14, 2026

FPS: F3Q26 Comments Ahead of the Call Rating:

OutperformIt's a significant beat on revenues/orders with backlog of ~$2bn (vs. ~$1.7-1.8bn Price:

bogey) supporting significant upgrades to FY27e, we would think. At very minimum, $45.52

management is underwriting the aggressive sales ramp embedded in the IPO plan. Price Target:

$43We will need to dig into the cost/investment dynamics, but we would think that

% Upside:

the weaker margin conversion is a function of accelerated growth as opposed to (4.7)%

inflationary pressures.

Source: FactSet, Wolfe Research

Sales of $379m are 15pts better than $331m WRe and a 28% Q/Q pick-up which Priced as of 05/13/26

demonstrates the ability to rapidly ramp production rates during a quarter that

would have been impacted by some weather constraints (we would think). Sales

growth was driven by data center and grid sub-segments with a notable increase in

average customer spend - up from $1.22m to $1.47m Q/Q - pointing to wallet share

gains.

Nigel Coe, CPA; CFA

Orders grew 14% Q/Q to $867m - recall that 4Q25 orders had surged well ncoe@wolferesearch.com

(646) 582-9259

above trend (closer to $300-400m per quarter) and management had pointed to View Nigel’s Research

a sequential decline. BtB of 2.3x pushes the backlog to $1.98bn, vs. a bogey in the View FPS Model

$1.7-1.8bn range - yes the bar had been raised by QTD data center momentum per View Comp Table

peers, but this is stronger than expected and provides a chunky upside bias to our William Vranka

$1.85bn sales forecast for FY27e. wvranka@wolferesearch.com (646) 582-9258