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Stock Market & Financial Investment News

News Breaks
August 5, 2014
16:56 EDTPOWLPowell reports Q3 EPS 24c, may not compare to consensus 88c
Reports Q3 revenue $150.8M, may not compare to consensus $191.16M. The company's third quarter revenue decline was due to schedule changes on several projects, resulting in some work moving into subsequent quarters. Gross margins and income from continuing operations declined due to both lower revenues and higher operating costs from inefficiencies of an accelerated production ramp at its manufacturing facility in Canada. Michael A. Lucas, President and CEO, stated, "Our third quarter results did not meet our expectations. Demand for our products and solutions in the Canadian market has been greater than anticipated. This increased demand placed additional pressures on our production ramp plan, resulting in inefficiencies, extended lead times and higher operating costs. We have taken constructive actions to resolve these issues and are focused on improving efficiencies, maximizing output and meeting our customer commitments." The company's backlog for continuing operations as of June 30 was $477M compared to $452M as of March 31, and compared to $417M at the end of last year's third quarter.
News For POWL From The Last 14 Days
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September 26, 2014
12:23 EDTPOWLPowell downgraded to Neutral from Buy at DA Davidson
12:09 EDTPOWLPowell sinks to 52-week low after cutting fiscal 2014 outlook
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06:53 EDTPOWLPowell to host conference call
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September 25, 2014
18:21 EDTPOWLOn The Fly: After Hours Movers
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17:07 EDTPOWLPowell lowers FY14 continuing ops EPS guidance to $1.25-$1.45 from $2.15-$2.40
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17:04 EDTPOWLPowell lowers FY14 guidance after 'start-up productivity issues'
Powell Industries announced that it has experienced start-up productivity issues arising from its May implementation of new business systems and tools, a scalable infrastructure investment designed to drive process efficiency across the organization. The company began experiencing schedule delays and higher than previously anticipated operating costs in July and August as orders moved into production after the systems implementation. In addition, Powell continues to experience inefficiencies associated with the ramp up of its Canadian manufacturing operations, which are also resulting in higher operating costs. Consequently, the company is reducing its FY14 revenue and earnings guidance. Based on the preliminary review of July and August results, as well as revised production schedules, Powell now expects FY14 revenues from continuing operations to range between $630M-$640M compared to its previous guidance of $650M-$675M, predominantly due to the scheduling delays in its U.S. businesses. FY14 earnings from continuing operations are now expected to range between $1.25-$1.45 per diluted share compared to its previous guidance of $2.15-$2.40 per diluted share due to the higher costs and scheduling delays in its U.S. businesses and as well as the higher costs in Canada. Actual FY14 results could be favorably impacted by the final resolution of certain pending tax matters, which is not included in this current guidance. During this same period, incoming order rates have been robust and are expected to continue at a healthy pace.
16:55 EDTPOWLPowell trading halted, pending news
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