The layered delafossite PdCoO2 has been predicted to be one of very few materials with a thermopower that is highly anisotropic and switches sign between different crystallographic directions. These properties are of interest for various applications, but have been difficult to verify because sufficiently large crystals have not been available. We report measurements of the high-temperature electrical resistivity, thermal conductivity, and thermopower of phase-pure PdCoO2 powder compacts prepared by a highly Pd-efficient synthesis route. While the electronic transport of the polycrystalline samples is dominated by that of the Pd planes, the thermopower exhibits a well-defined deviation from the in-plane character at temperatures above 600K,...