Powell Industries Inc. (NASDAQ: POWL) experienced a significant 13.59% plunge in its stock price on Tuesday, November 19, 2024, following the release of its third-quarter fiscal 2024 financial results.
The electrical energy control systems manufacturer missed Wall Street's revenue expectations for the quarter, although its earnings per share and adjusted EBITDA exceeded analyst estimates. The company reported revenue of $275.1 million, falling short of the anticipated $286.5 million, despite a 31.8% year-over-year growth.
While Powell's adjusted EPS of $3.77 beat consensus estimates of $3.55, and its adjusted EBITDA of $57.91 million surpassed expectations of $54.87 million, the revenue miss raised concerns among investors about the company's future growth prospects. Analysts have projected a revenue growth of only 7.2% over the next 12 months, a deceleration from the previous two years.
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