POWELL INDUSTRIES INC recently released its 10-Q report. Powell Industries, Inc. designs, develops, manufactures, sells and services custom-engineered equipment and systems used to distribute, control and monitor electrical energy. Its portfolio includes power control room substations, electrical houses, switchgear, motor control centers and related service, retrofit and replacement parts offerings, with customers in oil and gas, petrochemical, electric utility, commercial and industrial, light rail, mining, data centers, universities and government markets across North America, the Middle East, Africa, Europe, Mexico, Asia/Pacific, and Central and South America.
In Item 2, management said second-quarter fiscal 2026 revenue rose 6% to $296.6 million from $278.6 million a year earlier, while net income was $45.9 million, or $1.25 a diluted share, compared with $46.3 million, or $1.27 a share, in the prior-year quarter. Gross profit increased 5% to $87.9 million, but selling, general and administrative expenses climbed 19% to $25.8 million, mainly because of higher compensation costs. Cash from operating activities was $51.2 million in the quarter, and total assets were $1.2 billion as of March 31, 2026.
Revenue growth in the quarter came from commercial and other industrial, electric utility and oil and gas excluding petrochemical. Commercial and other industrial revenue rose 35% to $54.4 million, electric utility revenue increased 14% to $80.5 million, and oil and gas excluding petrochemical advanced 11% to $112.7 million. Those gains were partly offset by a 37% drop in petrochemical revenue to $27.6 million and a 10% decline in light rail traction power revenue to $9.0 million.
Backlog reached $1.8 billion at March 31, 2026, up 12% from $1.6 billion at December 31, 2025. Management said about $1.1 billion of that backlog is expected to convert to revenue within the next 12 months. Electric utility accounted for 30% of backlog, while oil and gas excluding petrochemical and commercial and other industrial each represented 29%.
Bookings, net of cancellations and scope reductions, were $489.7 million in the quarter, up 97% from $249.0 million a year earlier. Management cited stronger activity across most end markets, including several large awards in data centers, LNG and electric utility. During the first half of fiscal 2026, the company said it secured four mega orders, including two data center projects, one LNG project and one electric utility project, and after quarter-end it won an additional data center mega order valued at more than $400 million.
For the first six months of fiscal 2026, revenue increased 5% to $547.8 million. Domestic revenue was $427.2 million, up 0.4%, and international revenue rose 27.7% to $120.6 million, led by the Middle East and Africa, Asia/Pacific and Europe. Gross profit for the six-month period was $161.0 million, and management said the business continued to face commodity price volatility, supply-chain delays for engineered components and pressure from inflation and tariffs. Following these announcements, the company's shares moved 5.58%, and are now trading at a price of $285.005. Check out the company's full 10-Q submission here.
