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UPDATE 1-Powell Q4 misses Street, forecasts weak FY11
December 8, 2010 / 11:58 AM / 7 years ago

UPDATE 1-Powell Q4 misses Street, forecasts weak FY11

* Q4 adj EPS $0.38 vs est $0.62

* Q4 revenue $133.8 mln vs est $149.7 mln

* Sees FY11 EPS $1.25-$1.75 vs est $1.76

* Sees FY11 rev $475-$525 mln vs est $558.5 mln

Dec 8 (Reuters) - Powell Industries Inc (POWL.O), which makes equipment to control energy, posted lower-than-expected quarterly results, hurt by lower demand and reduced service-related activity, and forecast a weak fiscal 2011.

The company, which caters to the oil and gas, petrochemical, utility and transportation industries, said it expects fiscal 2011 earnings of $1.25-$1.75 per share on revenue of $475-$525 million.

Analysts on an average were expecting earnings of $1.76 a share on revenue of $558.5 million, according to Thomson Reuters I/B/E/S.

For the July-Sept quarter, Powell reported a net loss of $4.8 million, or 41 cents a share, compared with a net income of $9.9 million, or 85 cents a share a year ago.

Excluding items, the company earned 38 cents a share.

Revenue fell 19 percent to $133.8 million.

Analysts had expected earnings of 62 cents a share on revenue of $149.7 million.

Shares of the Houston-based company closed at $36.49 on Tuesday on Nasdaq. They have gained 16 percent since the company acquired Thermabrite Technologies in October. (Reporting by Megha Mandavia in Bangalore; Editing by Roshni Menon)

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