Powell Industries reported $490 million in new orders for the second quarter of fiscal 2026. This represents a 97% increase from $249 million in the prior year. Demand from the data center and electric utility sectors drove the growth. The company's total backlog reached a record $1.8 billion.
Quarterly revenue grew 6% to $296.6 million. Net income fell 1% to $45.9 million. These results missed analyst estimates for earnings per share. The company faces challenges converting its massive backlog into revenue while managing costs.
Powell secured its largest contract ever following the quarter's end. The data center order exceeds $400 million.