Aug 7 (Reuters) - Powell Industries Inc, which makes energy distribution and control systems, reported quarterly results that beat market expectations, aided by strong demand, and raised its full-year forecast.
The company said it now expects per-share earnings of $1.95 to $2.20 this year on revenue of $700 million to $725 million. Powell previously expected per-share earnings of $1.25 to $1.50 on revenue of $675 million to $725 million.
Analysts, on average, were expecting earnings of $1.44 per share on revenue of $704.4 million, according to Thomson Reuters I/B/E/S.
“Activity in the oil and gas sector remains strong, particularly internationally ... We believe that there is a great deal of pent up demand in our markets,” Chief Executive Officer, Thomas Powell said in a statement.
For the third quarter, net income rose to $12.1 million or $1.02 a share, from $73,000, or 1 cent a share, a year ago. Revenue rose 37 percent to $194.1 million.
Analysts expected earnings of 44 cents on revenue of $176.2 million.
Shares of the company rose more than 7 percent to $41.00 in trading after the bell. They had closed at $38.12 Tuesday on the Nasdaq.