Forgent Power Solutions, Inc. (FPS), a designer and manufacturer of electrical distribution equipment, on Monday reported a sharp rise in second-quarter revenue but a decline in net income, primarily due to higher hiring and expansion costs as the company ramps up production to meet strong demand.
The company also guided the second half and full-year 2026 and noted that it recently completed its initial public offering and began trading on the New York Stock Exchange.
For the second quarter, net income attributable to the company declined to $0.25 million from $4.59 million in the previous year.
Adjusted net income increased to $35.52 million from $21.41 million in the previous year.
Adjusted EBITDA jumped to $60.38 million from $39.88 million in the same period a year ago.
Income from operations rose to $20.09 million from $18.95 million in the prior year.
Revenue increased to $296.40 million from $175.34 million in the previous year.
Further, the company priced its initial public offering at $27 per share on February 4, began trading on the New York Stock Exchange on February 5 under "FPS," and raised about $1.7 billion, including the over-allotment option.
Looking ahead, the company provided an outlook for the second half and full year 2026 based on the backlogs.
For the second half of fiscal 2026, the company expects revenue to range between $695 million and $745 million.
Adjusted EBITDA is expected to be between $175 million and $185 million for the second half of fiscal year 2026.
Adjusted net income for the second half of fiscal year 2026 is expected to be from $115 million to $125 million.
For the fiscal year 2026, the company expects revenue to range between $1.28 billion and $1.33 billion.
Adjusted EBITDA is expected to range between $300 and $310 for the full year 2026.
Fiscal year 2026 adjusted net income is anticipated to range between $190 million and $200 million.
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