Powell Industries: 3Q First Take: Excellent Order Growth Overshadowed by a Modest Earnings Miss

研报英文原文证据摘录

Powell Industries: 3Q First Take: Excellent Order Growth Overshadowed by a Modest Earnings Miss

J P M O R G A N North America Equity Research

03 August 2026

Powell Industries Overweight

POWL, POWL US

3Q First Take: Excellent Order Growth Overshadowed Price (03 Aug 26):$219.72

by a Modest Earnings Miss

North America Small and Mid Cap

Powell’s F3Q26 results came in modestly below expectations, with revenue of Industrials

$312M missing consensus ($314M) and EPS of $1.42 trailing consensus ($1.45), Tomohiko Sano AC

gross margin -13bps YoY to 30.6% and R&D as a percent of sales +45bps YoY. (1-212) 622-1099

New orders of $934M included three mega orders and were up +158% YoY, driving tomohiko.sano@jpmorgan.com

a 3.0x book-to-bill. EBITDA margin decreased -40bps YoY to 21.2%, translating Brendan Shea, CFA

to EBITDA of $66M (consensus/JPMe $69M/$73M). POWL called for continued (1-212) 622-0770

brendan.shea@jpmorgan.com

strong financial performance and 4Q26 gross margins consistent with TTM levels.

Ethan Coyle

While the F3Q26 miss may pressure shares in the near term, we are encouraged by

(1-212) 270-0613

the quarter’s results as orders were materially above our expectations with broad- ethan.coyle@jpmchase.com

based growth in-line with POWL’s strategy to diversify beyond data centers. J.P. Morgan Securities LLC

• Strength in C&I & EU, Pressure in Petrochemical: Powell posted 3Q26

revenues of $312M (cons. $314M), led by Commercial & Other Industrial,

(+54% YoY) and Electric Utility (+18% YoY). Petrochemical declined -49%

YoY, with management noting it was the only segment to not see robust end

market activity in the quarter. Gross profit increased +8% YoY to $95M,

though margin compressed -10bps to 30.6%. Sequential improvement of

+90bps reflected strong project execution.