The company swung to a $53.3 million profit for the fiscal fourth quarter, a significant recovery from the $2.56 million loss recorded during the same period last year. Revenue surged 94% to $461.7 million, exceeding analyst projections of $429.9 million. Adjusted earnings hit 25 cents per share, narrowly edging past the expected 24 cents.
In section Market Quotes
Forgent Power Solutions Climbs as Quarterly Earnings Beat Expectations
Forgent Power Solutions shares jumped 8% to $30.94 in premarket trading Tuesday after the electrical-distribution equipment maker reported quarterly results that outperformed Wall Street forecasts. The company’s pivot to profitability and an optimistic full-year outlook signaled a sharp reversal for a stock that had tumbled 53% over the last three months.
Chief Executive Gary Niederpruem attributed the performance to industry-wide tailwinds and increased market share, noting that bookings more than quadrupled year over year. This momentum pushed the company's backlog to a record $3 billion. Looking ahead, Forgent issued guidance for adjusted earnings between $1.26 and $1.40 per share on revenue of $2.4 billion to $2.6 billion, comfortably surpassing current market expectations of $1.13 per share and $2.09 billion in revenue.
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