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Power Solutions International, Inc. (PSI) is a leading company that specializes in designing, engineering, and manufacturing emission-certified, alternatively fueled engines and power systems. They offer integrated turn-key engine solutions to global OEMs in various markets, including industrial, off-road, and on-road sectors. With a focus on clean, high-performance engines, PSI can customize solutions that run on fuels like natural gas, propane, biogas, gasoline, or hybrid systems to meet environmental standards effectively.
The company's unique capabilities in design, prototyping, engineering, and testing allow them to deliver innovative and efficient power solutions tailored to specific needs. PSI serves a wide range of applications, such as stationary and mobile power generation, industrial equipment, forklifts, trucks, buses, and more. Their fuel-agnostic approach and commitment to sustainability set them apart in the industry, making them a reliable partner for clients seeking advanced engine solutions.
Power Solutions International (PSIX) reported third quarter 2022 results with a net income of $3.2 million, an improvement over a $7.2 million loss in the prior year. Adjusted net income rose to $4.2 million versus a loss of $4.8 million last year. Sales increased by 6% to $124.9 million, driven by growth in power systems and industrial markets, despite a $22.5 million decline in transportation sales. Gross profit increased by 113%, reaching $12.8 million, with a gross margin of 19.3%. The company anticipates sales growth of at least 3% for the full year.
Power Solutions International, Inc. (PSIX) announced the appointment of Xun (Kenneth) Li as its new chief financial officer, effective August 29, 2022. Li succeeds Matthew Thomas, who served as interim CFO since April 2022. Li brings over 20 years of finance experience, having held CFO roles at ND Paper and various positions at Caterpillar and Ford. Dino Xykis, interim CEO, expressed confidence in Li's strategic abilities to further the company's objectives. Thomas will continue as corporate controller. The company specializes in emission-certified engines and power systems.
Power Solutions International (PSIX) reported a strong second quarter of 2022, with net income of $1.4 million, a significant turnaround from a $15.6 million loss the previous year. Adjusted earnings per share rose to $0.10, improving from a loss of $0.16. Sales increased by 8% to $120.5 million, driven by 91% and 58% growth in power systems and industrial sectors, respectively. Gross profit surged 39%, while operating expenses fell by 46%. The company anticipates continued growth, but acknowledges ongoing supply chain challenges.
Power Solutions International (PSIX) has appointed Dino Xykis, previously Chief Technical Officer, as Interim CEO effective June 1, 2022, following the resignation of Lance Arnett. The Board expressed confidence in Xykis's leadership as it seeks a permanent CEO. Under Xykis, PSI aims for at least 3% sales growth and a 5 percentage point improvement in gross profit margins for 2022 compared to 2021. Xykis brings over 30 years of experience in engineering and management, reinforcing the company’s commitment to expand its engine portfolio and enhance financial performance.
Power Solutions International (PSIX) unveiled its new 8.8-liter, 200 kWe natural gas engine at the 2022 POWERGEN trade show in Dallas, Texas, showcasing its highest output yet for such displacement. The engine, developed in partnership with Moteurs Baudouin, boasts a 100% power increase over similar natural aspirated variants and 60% more than turbocharged options. This robust design incorporates patented features for enhanced performance and cooling. With a focus on standby power generation, the engine is tailored for emergency applications, augmenting PSI's existing product lineup.
Power Solutions International (PSI) reported its first-quarter 2022 results, showing sales of $98.9 million, a slight decline of 1% year-over-year, impacted by a $25.8 million drop in transportation sales. However, the power systems and industrial end markets grew by 52% and 33%, respectively. Gross profit soared by 136% to $9.6 million, lifting gross margin to 16.9%. Operating expenses fell by 27%, leading to a reduced net loss of $2.6 million. The company aims for at least a 3% sales increase in 2022, despite ongoing supply chain issues and inflationary pressures.
Power Solutions International (PSIX) announced the Fourth Shareholder’s Loan Agreement with its majority stockholder, Weichai America Corp., providing access to up to $30 million in credit. This agreement, effective April 20, 2022, matures on March 31, 2023. Interest will be based on the Secured Overnight Financing Rate (SOFR) plus 4.65% per annum. PSI aims to use these funds to bolster working capital. CEO Lance Arnett expressed satisfaction with the liquidity support from Weichai as the company strives for improved financial outcomes. More details are available in the company's Form 8-K filing.
Power Solutions International (PSIX) has announced that its 6.0-liter gasoline-powered industrial mobile engine has received certification from the U.S. Environmental Protection Agency (EPA) and California Air Resources Board (CARB). This engine delivers 174 hp (130 kW) and a peak torque of 315 ft-lbs (427 N-m), designed for a variety of industrial applications including material handling and construction. Planned offerings also include liquid propane versions later in 2022. The new engine is built on the GM 'LS' platform, promising higher output and efficiency for OEMs.
Power Solutions International, Inc. (PSIX) reported Q4 2021 sales of $127 million, up 21% year-over-year, driven by transportation and industrial markets. However, gross profit fell by 49% to $9.1 million, with a gross margin shrinking to 7.6% due to increased warranty, freight, and material costs. The company recorded a net loss of $7.6 million, compared to a $3.1 million loss in Q4 2020. For 2022, PSIX anticipates at least 3% sales growth, targeting improved gross profit margins despite ongoing supply chain challenges and inflation. CEO Lance Arnett emphasized actions to enhance operations and reduce costs.
Power Solutions International (PSIX) announced the appointment of Matthew Thomas as interim CFO effective April 8, 2022, following Donald P. Klein's resignation to pursue other interests. Thomas, who has over 12 years of experience in accounting and finance, has been with the company since 2018, serving as corporate controller since May 2021. The company plans to file its Form 10-K for the fiscal year ending December 31, 2021, on March 31, 2022.
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