Powell Industries, Inc. — 2026Q3 財報

“Commercial momentum across our key end markets continues to accelerate as Powell was awarded a record $934 million of new orders (2) in the quarter and reported a book-to-bill ratio of 3.0x.”

The CEO characterized the quarter's bookings as a record: $934 million of new orders, for a book-to-bill ratio of 3.0x.

“During the quarter, the Company was awarded three mega (4) orders; one for a data center with a value exceeding $400 million related to a behind-the-meter design of on-site generation assets, a Petrochemical order with a value of approximately $75 million in the fertilizer industry, and a LNG order with a value of approximately $60 million to support the liquefaction and export of LNG along the U.S. Gulf Coast.”

Three mega orders anchored the bookings: a data center order exceeding $400 million tied to a behind-the-meter design of on-site generation assets, a Petrochemical order of approximately $75 million in the fertilizer industry, and an LNG order of approximately $60 million on the U.S. Gulf Coast.

“Backlog (3) totaled $2.4 billion as of June 30, 2026, an increase of 69% compared to $1.4 billion as of June 30, 2025, and a sequential increase of 35% compared to $1.8 billion as of March 31, 2026.”

Backlog reached $2.4 billion as of June 30, 2026, up 69% from $1.4 billion a year earlier and up 35% sequentially from $1.8 billion as of March 31, 2026.

“Revenues totaled $312 million, an increase of 9% compared to $286.3 million in the prior year, and a sequential increase of 5% compared to $296.6 million in the second quarter of Fiscal 2026. The growth compared to the prior year was driven by higher revenue levels from the Commercial & Other Industrial market, which grew 54%, as well as from the Electric Utility market, which grew 18%. This was partially offset by lower revenue within the Petrochemical market, which declined 49%.”

Revenue of $312 million rose 9% from $286.3 million, driven by the Commercial & Other Industrial market (up 54%) and the Electric Utility market (up 18%), partly offset by a 49% decline in Petrochemical revenue.

“Gross profit of $95.3 million, or 30.6% of revenue, increased 8% compared to $87.9 million, or 30.7% of revenue, in the prior year and increased sequentially by 8% compared to $87.9 million, or 29.6% of revenue in the second quarter of Fiscal 2026. The increases in gross profit were primarily driven by higher volume levels and a continued strong and stable pricing environment.”

Gross profit of $95.3 million, or 30.6% of revenue, rose 8% from $87.9 million (30.7% of revenue) a year earlier and 8% sequentially from $87.9 million (29.6% of revenue) in the second quarter; the release attributes the gross-profit increases to higher volume levels and a continued strong and stable pricing environment.

“First of all, being a project-based business, there's some variability with the ins and outs in the quarter and the timing of some of the big components that are going into our projects. So nothing specific to call out at all on the revenue cadence.”

Asked about the modest revenue shortfall versus Street expectations, the CFO attributed it to the timing variability of a project-based business and said there was nothing specific to call out.

“So of the other $2.4 billion of backlog, roughly $1.3 billion -- just under $1.3 billion will be convertible over the next 12 months so roughly 54%. So as we spoke last quarter, that was in the low 60s with this big slug of orders, the $900-plus million order bookings that we recognized this quarter that went down to about 54%.”

The CFO said just under $1.3 billion of the $2.4 billion backlog, roughly 54%, will convert over the next 12 months, down from the low 60s last quarter because of the quarter's large bookings.

“But we're -- we've got some actions in place, whether it's a commodity hedging, strong commercial discipline practices that are helping offset some of this, but we are seeing a little bit of a headwind from an inflation perspective. And then finally, project closeouts. With respect to project closeouts on a year-to-date basis, project closeouts have contributed roughly 100 basis points through the first 9 months. That compares to about 130 bps a year ago on a year-to-date basis.”

On margins, the CFO flagged a small inflation headwind being partly offset by commodity hedging and commercial discipline, and said project closeouts contributed roughly 100 basis points through the first 9 months versus about 130 bps a year earlier.

“We expect the work at Jacintoport to be completed in the next month or 2 and for utilization to ramp fairly quickly. When fully utilized, we would expect the expanded yard to support well in excess of $100 million of incremental annualized revenue.”

The CEO said the Jacintoport yard expansion is close to completion and, when fully utilized, should support well in excess of $100 million of incremental annualized revenue.

“Upwards of $400 million, there's not a lot in the pipeline that's that large other than the future phases of this. There is potential for that, but nothing in the near term.”

The CEO cautioned that, apart from future phases of the same project, there is not much in the pipeline upwards of $400 million, and nothing of that size in the near term.