Powell Industries (POWL) Reported Better-Than-Expected Results

Liberty Park Capital Management, LLC, a financial management company, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. Liberty Park Fund rose 14.60%, net of fees, in the second quarter compared to the Russell 2000 Index’s 5.18% return. Both the Liberty Park funds delivered excellent results in the quarter. The increase in the fund’s long positions contributed 15.28% on a weight-adjusted basis, while the increase in shorts detracted 0.96% on a weight-adjusted basis. Liberty Park Select Opportunities, LP’s value returned 19.46% net of fees in the second quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Liberty Park Capital highlighted stocks like Powell Industries, Inc. (NASDAQ:POWL) in the second quarter 2023 investor letter. Headquartered in Houston, Texas, Powell Industries, Inc. (NASDAQ:POWL) designs and manufactures custom-engineered equipment and systems. On September 28, 2023, Powell Industries, Inc. (NASDAQ:POWL) stock closed at $86.71 per share. One-month return of Powell Industries, Inc. (NASDAQ:POWL) was 2.49%, and its shares gained 311.34% of their value over the last 52 weeks. Powell Industries, Inc. (NASDAQ:POWL) has a market capitalization of $1.028 billion.

Liberty Park Capital made the following comment about Powell Industries, Inc. (NASDAQ:POWL) in its Q2 2023 investor letter:

Powell Industries, Inc. (NASDAQ:POWL) reported much better-than-expected earnings. The company is benefiting from record LNG and petrochemical spending. Given the cyclical nature of these end markets and the weaknesses that are starting to appear, we do not expect the good times to last.

A gas refinery lit up against the night sky, showing the scale of the company’s petrochemical operations. Editorial photo for a financial news article. 8k. –ar 16:9

Powell Industries, Inc. (NASDAQ:POWL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Powell Industries, Inc. (NASDAQ:POWL) at the end of second quarter which was 8 in the previous quarter.

We discussed Powell Industries, Inc. (NASDAQ:POWL) in another article and shared Heartland Value Plus Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.