HOUSTON—Energy equipment company Powell Industries Inc. said Wednesday fiscal second-quarter profit more than doubled on strong demand for electrical power products.
Profit rose to $6 million, or 53 cents per share, from $2.3 million, or 20 cents per share, a year earlier.
That topped the 40-cent per share estimate from analysts polled by Thomson Financial.
Sales rose to $160.3 million from $141.9 million, Powell said, as demand for electrical power products rose around 13 percent to $154.1 million during the quarter.
"We are pleased to report much improved results for the second quarter, where we continued to see strength in all of our major markets," said Chairman and Chief Executive Thomas W. Powell in a statement.
Powell also raised its full-year profit and sales outlook.
