Core Viewpoint - Powell Industries reported fiscal third-quarter earnings that missed revenue expectations but exceeded profit expectations, indicating a more favorable underlying trajectory than initially perceived [1][3]. Revenue Performance - The company's fiscal third quarter experienced a slight 1% decline in revenue compared to expectations, but showed a 3% increase relative to the prior quarter [3]. - The electric utility segment saw a significant increase of 31%, while commercial and light industrial revenue rose by 18% [4]. - In contrast, the oil and gas segment declined by 8%, and the petrochemical segment saw a substantial decline of 36% [5]. Earnings and Margins - Earnings per share reached $3.96, reflecting a 4% increase and beating expectations, supported by an encouraging expansion in gross margins [3]. Booking Trends - Overall booking trends appeared positive, with bookings growing by 45% quarter over quarter, leading to a 7% sequential growth in backlog [5]. Future Growth Potential - Powell Industries trades at a 16.7 multiple based on 2025 estimates, which may seem low for a company with modest growth; however, as the electric utility segment constitutes a larger portion of the business, there is potential for upside surprises [7]. - The electric utility segment accounted for 26% of revenue in the June quarter, while commercial and industrial segments made up another 17% [7]. - Continued growth in these segments could position them as major drivers of the business in the future [8].

Part I — Financial Information [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Powell Industries, Inc.'s unaudited condensed consolidated financial statements show total assets of $1.04 billion and nine-month net income of $129.3 million [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $1.04 billion by June 30, 2025, driven by cash growth, while stockholders' equity rose to $594.9 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $880,159 | $776,481 | | **Total Assets** | $1,042,216 | $928,180 | | **Total Current Liabilities** | $427,345 | $428,015 | | **Total Liabilities** | $447,311 | $445,107 | | **Total Stockholders' Equity** | $594,905 | $483,073 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2025 revenues were $286.3 million with net income of $48.2 million, while nine-month revenues grew to $806.3 million and net income rose to $129.3 million Statement of Operations Summary (in thousands, except per share data) | Metric | Q3 2025 | Q3 2024 | 9 Months 2025 | 9 Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $286,273 | $288,168 | $806,335 | $737,293 | | **Gross Profit** | $87,899 | $81,740 | $230,855 | $192,654 | | **Operating Income** | $60,124 | $57,288 | $154,615 | $122,657 | | **Net Income** | $48,234 | $46,223 | $129,327 | $103,796 | | **Diluted EPS** | $3.96 | $3.79 | $10.63 | $8.52 | [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for Q3 2025 increased to $55.7 million, driven by foreign currency adjustments, with the nine-month total reaching $129.7 million Comprehensive Income (in thousands) | Metric | Q3 2025 | Q3 2024 | 9 Months 2025 | 9 Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $48,234 | $46,223 | $129,327 | $103,796 | | **Foreign currency translation adjustments** | $7,479 | $(986) | $347 | $(170) | | **Comprehensive Income** | $55,713 | $45,237 | $129,674 | $103,626 | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity grew to $594.9 million by June 30, 2025, primarily due to $129.3 million in net income, partially offset by dividends - The primary driver for the increase in **stockholders' equity** during the nine months ended June 30, 2025, was the **net income** of **$129.3 million**[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Nine-month operating cash flow was $106.9 million, with investing and financing activities using $4.2 million and $21.7 million respectively, leading to an $83.1 million increase in cash Cash Flow Summary (in thousands) | Activity | Nine months ended June 30, 2025 | Nine months ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $106,862 | $114,652 | | **Net cash used in investing activities** | $(4,215) | $(12,976) | | **Net cash used in financing activities** | $(21,670) | $(15,951) | | **Net increase in cash and cash equivalents** | $80,977 | $85,725 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revenue recognition, and commitments, highlighting a $1.4 billion backlog, the Remsdaq Ltd. acquisition, and tax reform evaluation - The company's primary markets include **oil and gas**, petrochemical, **electric utility**, and other commercial and industrial sectors[25](index=25&type=chunk) - As of June 30, 2025, the company's **backlog** of remaining unsatisfied performance obligations was **$1.4 billion**, with approximately **$913 million** expected to be recognized as revenue within the next twelve months[45](index=45&type=chunk) - Subsequent to the quarter end, the company entered into a definitive agreement to acquire Remsdaq Ltd. for approximately **$16.3 million**, declared a quarterly dividend of **$0.2675** per share, and is evaluating the impact of the new 'One Big Beautiful Bill Act' tax legislation[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, noting a $1.4 billion backlog, positive market outlook, and strong liquidity with $433.0 million in cash and short-term investments [Executive Overview and Outlook](index=26&type=section&id=Executive%20Overview%20and%20Outlook) Q3 2025 saw $286.3 million in revenues and $48.2 million net income, with a positive outlook driven by a $1.4 billion backlog and strong market activity - **Backlog** increased to **$1.4 billion** as of June 30, 2025, with approximately **$913 million** expected to be recognized as revenue within the next twelve months[94](index=94&type=chunk) - Key market drivers include: - **Oil & Gas:** Strong demand for LNG and related gas processing - **Electric Utility:** A record-sized award for a new power generation plant was won in Q3 - **Commercial & Industrial:** Strong growth from data centers supporting cloud computing and AI[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Q3 2025 revenues were $286.3 million with a 31% gross margin, while nine-month revenues grew 9% to $806.3 million, and the order backlog reached $1.4 billion Q3 2025 vs. Q3 2024 Performance | Metric | Q3 2025 | Q3 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $286.3M | $288.2M | -1% | | **Gross Profit** | $87.9M | $81.7M | +8% | | **Gross Margin** | 31% | 28% | +300 bps | | **Net Income** | $48.2M | $46.2M | +4.3% | Nine Months 2025 vs. Nine Months 2024 Performance | Metric | 9M 2025 | 9M 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $806.3M | $737.3M | +9% | | **Gross Profit** | $230.9M | $192.7M | +20% | | **Gross Margin** | 29% | 26% | +300 bps | | **Net Income** | $129.3M | $103.8M | +24.6% | - The order **backlog** increased to **$1.4 billion** at June 30, 2025, up **7%** from March 31, 2025, driven by **electric utility**, **oil and gas**, and light rail traction power markets[111](index=111&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity remains strong with $433.0 million in cash and short-term investments, $106.9 million in nine-month operating cash flow, and $74.0 million available on the credit facility - **Cash, cash equivalents, and short-term investments** increased to **$433.0 million** at June 30, 2025, from **$358.4 million** at September 30, 2024, driven by improved earnings[123](index=123&type=chunk) - As of June 30, 2025, there were no amounts borrowed under the **$150.0 million U.S. Revolver**, with **$74.0 million** available for borrowings and letters of credit[127](index=127&type=chunk) - **Net cash from operating activities** decreased to **$106.9 million** for the nine months ended June 30, 2025, from **$114.7 million** in the prior year, primarily due to working capital impacts[128](index=128&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to the company's market risks have occurred as of June 30, 2025, compared to the prior fiscal year's Form 10-K disclosures - There have been no material changes to the company's market risks from those disclosed in the fiscal year 2024 Form 10-K[134](index=134&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during Q3 Fiscal 2025 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[136](index=136&type=chunk) - No changes occurred during the third quarter of Fiscal 2025 that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[137](index=137&type=chunk) Part II — Other Information [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in legal proceedings, but management anticipates no material adverse effect on financial position, results of operations, or liquidity - Management does not expect ongoing legal proceedings to have a material adverse effect on the company's financial condition or results[138](index=138&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the fiscal year 2024 Annual Report on Form 10-K - No material changes to risk factors have occurred since the last Annual Report on Form 10-K[139](index=139&type=chunk) [Item 5. Other Information](index=34&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q3 Fiscal 2025 - No **directors** or **officers** adopted or terminated any **Rule 10b5-1** trading arrangements during the quarter[140](index=140&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate documents and certifications from the Chief Executive Officer and Chief Financial Officer - The report includes certifications from the CEO and CFO as required by the **Sarbanes-Oxley Act**, along with financial statements formatted in **Inline XBRL**[141](index=141&type=chunk)

Core Insights - Powell Industries, Inc. reported adjusted earnings of $3.96 per share for Q3 fiscal 2025, exceeding the Zacks Consensus Estimate of $3.73, marking a 4% year-over-year increase [1][10] - Total revenues for the quarter were $286 million, falling short of the consensus estimate of $295 million, representing a 1% year-over-year decline primarily due to weakness in the oil & gas and petrochemical markets [2][10] Revenue Breakdown - Revenues from the electric utility sector increased by 31% year over year, while the commercial & other industrial sector saw an 18% increase [3] - Conversely, revenues from the oil & gas sector declined by 8%, and the petrochemical sector experienced a significant 36% decrease year over year [3] Orders and Backlog - New orders totaled $362 million, up from $356 million in the same quarter last year, driven by strong activity in the oil & gas and commercial sectors [4] - The backlog at the end of the quarter reached $1.4 billion, reflecting a 7% sequential increase and a 5% year-over-year increase [4] Margin Profile - The cost of sales decreased by 3.9% year over year to $198.4 million, while gross profit increased by 7.5% to $87.9 million, resulting in a gross margin of 30.7%, up 230 basis points [5] - Selling, general and administrative expenses rose by 14.1% to $25.1 million, with operating income increasing by 4.9% to $60.1 million, leading to an operating margin of 21%, up 110 basis points year over year [5] Balance Sheet and Cash Flow - As of the end of Q3 fiscal 2025, Powell Industries had cash equivalents and short-term investments of $433 million, an increase from $358.4 million at the end of fiscal 2024 [6] - Current liabilities were slightly reduced to $427.3 million from $428 million at the end of fiscal 2024, with stockholders' equity totaling $594.9 million [6] - Capital expenditures for the first nine months of fiscal 2025 amounted to $11.4 million, reflecting a significant year-over-year increase of 225.7% [6] Dividend Distribution - The company distributed $9.6 million in dividends during the same period, which is a 1.1% increase year over year [7] Future Outlook - Powell Industries anticipates solid revenues and earnings for fiscal 2025, supported by a robust backlog, strong liquidity, and a healthy balance sheet [8]

Financial Data and Key Metrics Changes - The company reported total revenue of $286 million, slightly down from $288 million in the same period last year, with net income increasing to $48 million or $3.96 per diluted share, a 4% increase year-over-year [17][23] - Gross profit increased by $6 million to $88 million, with a gross margin of 30.7%, which is 230 basis points higher than the prior year [20][6] - The book-to-bill ratio was 1.3 times, with a backlog growth of 7% to a total of $1.4 billion, reflecting strong order activity [8][18] Business Line Data and Key Metrics Changes - Revenue from the electric utility market increased by 31%, while revenues from the commercial and other industrial market and the traction market saw increases of 1861% and a notable traction order, respectively [19] - Domestic revenues decreased by 8% to $225 million, while international revenues increased by 30% to $62 million, driven by project volume growth in Canada and the Middle East [19] Market Data and Key Metrics Changes - The oil and gas and petrochemical markets saw revenue declines of 368% and 368%, respectively, due to challenging comparisons with prior year mega projects [20] - The fundamentals for the U.S. natural gas market remain strong, supporting expectations for continued order strength, particularly in LNG projects [14] Company Strategy and Development Direction - The company announced an agreement to acquire REMSAK Limited, enhancing its electrical automation platform and allowing for a 100% Powell-built solution for the utility market [11][12] - The company is focused on diversifying its product portfolio and advancing its product-centric strategy to improve the mix of product versus project-based revenues [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand across all markets and the ability to deliver value for customers and stakeholders [16] - The outlook for the electric utility market remains strong, with expectations for continued growth driven by electrification trends [28] Other Important Information - Selling, general, and administrative expenses increased by $3 million to $25 million, attributed to higher compensation and acquisition-related expenses [21][22] - The company does not hold any debt, with cash and short-term investments totaling $433 million [23] Q&A Session Summary Question: What does the opportunity pipeline look like now? - Management highlighted a strong utility market and ongoing activity in oil and gas, with significant opportunities tracked across various sectors [26][27] Question: How far does the revenue visibility extend? - The backlog is transparent, with bookings extending into late fiscal 2027, providing good visibility for revenue conversion [29][30] Question: How much did project closeouts contribute to gross margin improvement? - Approximately 115-120 basis points of the year-to-date margin improvement is attributed to project closeouts [31][32] Question: Was there anything unusual regarding the increase in SG&A expenses? - The increase was due to higher variable compensation and acquisition-related expenses, with no unusual items noted [33] Question: What is driving the momentum in the electric utility market? - The momentum is attributed to a combination of being a trusted partner and the demand driven by electrification and data centers [36][38] Question: Can you elaborate on the REMSAK acquisition? - The acquisition is expected to enhance the company's capabilities in electrical automation and provide significant growth potential in the North American market [39][40] Question: What is the outlook for pricing in the current market? - Pricing is stable but not improving significantly, with management closely monitoring market dynamics [58][60] Question: Was the $60 million electric utility award a combined cycle generating facility? - The project is a significant power generation facility, exceeding a gigawatt output, supporting commercial markets [61]

Financial Data and Key Metrics Changes - The company reported total revenue of $286 million, slightly down from $288 million in the same period last year, with net income of $48 million or $3.96 per diluted share, a 4% increase year-over-year [17][22]. - Gross profit increased by $6 million to $88 million, with a gross margin of 30.7%, which is 230 basis points higher than the prior year [20][22]. - The book-to-bill ratio was 1.3 times, with a backlog growth of 7% to a total of $1.4 billion [7][18]. Business Line Data and Key Metrics Changes - Revenue from the electric utility market increased by 31%, while revenues from the commercial and other industrial market and the traction market increased by 1861% [19]. - Domestic revenues decreased by 8% to $225 million, while international revenues rose by 30% to $62 million, driven by increased project volume in Canada and the Middle East [19]. Market Data and Key Metrics Changes - The oil and gas and petrochemical markets saw revenue declines of 368% and 30% respectively, attributed to challenging prior year comparisons [20]. - The company noted strong demand in the electric utility market, supported by electrification trends in the US, Canada, and the UK [16][27]. Company Strategy and Development Direction - The company announced an agreement to acquire REMSAK Limited, enhancing its electrical automation platform and allowing for a 100% Powell-built solution for the utility market [11][12]. - The focus remains on diversifying the business and expanding the product portfolio, with new product initiatives aimed at improving the mix of product versus project-based revenues [14][16]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand across all markets and the ability to deliver value to customers and stakeholders [16][23]. - The fundamentals of the US natural gas market and the ongoing momentum in data center capacity growth were highlighted as positive indicators for future order strength [15][16]. Other Important Information - Selling, general, and administrative expenses increased by $3 million to $25 million, driven by higher compensation and acquisition-related expenses [21][22]. - The company reported cash and short-term investments of $433 million, with no debt [22]. Q&A Session Summary Question: What does the opportunity pipeline look like now? - Management indicated a strong pipeline in the utility market and ongoing activity in the oil and gas segment, with significant opportunities ahead [25][26]. Question: How far does the revenue visibility extend? - The backlog is transparent, with 65% expected to convert to revenue over the next twelve months, providing good visibility into future earnings [28][29]. Question: What contributed to the improvement in gross margin? - Approximately 150 basis points of the gross margin improvement was attributed to project closeouts, with the remainder from productivity and volume leverage [30][31]. Question: Any unusual items affecting SG&A expenses? - Higher variable compensation and acquisition-related expenses were noted, but nothing unusual beyond that [32]. Question: What is the visibility in the electric utility market? - Management expressed optimism about the electric utility market, driven by electrification and data center demand [36][40]. Question: How does the acquisition of REMSAK fit into the strategy? - The acquisition is seen as a key building block for enhancing electrical automation capabilities and expanding into the North American utility market [41][44]. Question: What is the outlook for pricing in the market? - While pricing is stable, management noted that it may not improve significantly in the near term due to competitive dynamics [58][60].

Core Viewpoint - Powell Industries reported quarterly earnings of $3.96 per share, exceeding the Zacks Consensus Estimate of $3.73 per share, and showing an earnings surprise of +6.17% [1] - The company posted revenues of $286.27 million for the quarter, missing the Zacks Consensus Estimate by 3% [2] Financial Performance - Earnings per share (EPS) for the same quarter last year was $3.79, indicating a year-over-year increase [1] - Over the last four quarters, Powell Industries has surpassed consensus EPS estimates four times [2] - The company has topped consensus revenue estimates only once in the last four quarters [2] Stock Performance - Powell Industries shares have increased by approximately 3.8% since the beginning of the year, compared to the S&P 500's gain of 7.6% [3] - The current Zacks Rank for Powell Industries is 3 (Hold), indicating expected performance in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $3.77, with expected revenues of $296.61 million [7] - For the current fiscal year, the consensus EPS estimate is $14.17 on revenues of $1.11 billion [7] - The outlook for the Manufacturing - Electronics industry is strong, currently ranking in the top 25% of over 250 Zacks industries [8]

Exhibit 99.1 PRESS RELEASE For Immediate Release Contact: Michael Metcalf, CFO Powell Industries, Inc. 713-947-4422 Robert Winters or Ryan Coleman Alpha IR Group POWL@alpha-ir.com 312-445-2870 POWELL INDUSTRIES ANNOUNCES THIRD QUARTER FISCAL 2025 RESULTS HOUSTON — August 5, 2025 — Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom- engineered solutions for the management, control and distribution of electrical energy, today announced results for the third quarter of fiscal 2025 ended June ...

Core Insights - Powell Industries, Inc. reported strong financial results for the third quarter of fiscal 2025, with a gross margin improvement and significant new orders, indicating robust operational performance and market demand [3][4][10]. Financial Performance - Revenues for the third quarter totaled $286.3 million, a slight decrease of 1% from $288.2 million in the prior year, but an increase of 3% from $278.6 million in the previous quarter [4][9]. - Gross profit was $87.9 million, representing 30.7% of revenue, which is an 8% increase compared to $81.7 million (28.4% of revenue) in the prior year [5][9]. - Net income reached $48.2 million, or $3.96 per diluted share, marking a 4% increase from $46.2 million ($3.79 per diluted share) in the prior year [7][9]. Order Activity and Backlog - New orders amounted to $362 million, up from $356 million in the prior year and significantly higher than $249 million in the second quarter [6][9]. - The backlog as of June 30, 2025, was $1.4 billion, reflecting a 7% increase from the previous quarter and a 5% increase from the same period last year [6][9]. Strategic Initiatives - The company announced the acquisition of Remsdaq Ltd., enhancing its Electric Automation platform and supporting its strategic growth initiatives [8][9]. - Powell Industries is focused on diversifying and expanding its product portfolio, which is expected to drive continued demand across key markets [8][10]. Market Performance - The Electric Utility market saw a 31% revenue increase, while the Commercial & Other Industrial markets grew by 18%. However, revenues from the Oil & Gas and Petrochemical markets declined by 8% and 36%, respectively [4][9]. - The Light Rail Traction Power market experienced a significant revenue increase of 61% [4]. Cash Position - As of June 30, 2025, the company had cash and short-term investments totaling $433 million, up from $358 million in the prior year [9][18]. Outlook - The company remains optimistic about its operational and financial performance, with strong demand expected to continue into fiscal 2026 [10].

Company Overview - Powell Industries, Inc. is a leading supplier of custom engineered solutions for the management, control, and distribution of electrical energy [3] - The company designs, manufactures, and services custom-engineered equipment and systems for various markets including utilities, oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining operations, and commuter railways [3] Upcoming Earnings Release - Powell Industries will release its fiscal third quarter results for the period ended June 30, 2025, on August 5, 2025, after market close [1] - A conference call to discuss the earnings will take place on August 6, 2025, at 11:00 a.m. eastern time [1][4] Conference Call Details - The conference call will be accessible via phone and live webcast, with a telephonic replay available until August 13, 2025 [2][4] - Participants can join the call by dialing specific numbers for domestic and international access [4]

Company Performance - Powell Industries (POWL) closed at $228.25, down 3.49% from the previous trading session, underperforming the S&P 500 which had a daily loss of 0.01% [1] - The stock has increased by 32.18% over the past month, outperforming the Industrial Products sector's gain of 8.33% and the S&P 500's gain of 5.37% [1] Upcoming Earnings - The company is expected to report an EPS of $3.73, reflecting a decrease of 1.58% from the same quarter last year [2] - Revenue is projected to be $295.12 million, indicating a 2.41% increase compared to the same quarter of the previous year [2] Fiscal Year Estimates - For the entire fiscal year, earnings are estimated at $14.17 per share, representing a 15.3% increase from the previous year, while revenue is expected to reach $1.11 billion, indicating a 9.82% increase [3] - Recent changes to analyst estimates suggest a positive outlook for the company's business and profitability [3] Valuation Metrics - Powell Industries has a Forward P/E ratio of 16.69, which is lower than the industry average Forward P/E of 24.05 [6] - The company has a PEG ratio of 1.19, compared to the Manufacturing - Electronics industry's average PEG ratio of 2 [7] Industry Context - The Manufacturing - Electronics industry is part of the Industrial Products sector and holds a Zacks Industry Rank of 36, placing it in the top 15% of over 250 industries [8] - The top 50% rated industries outperform the bottom half by a factor of 2 to 1, indicating a strong industry performance [8]