Business
Power Solutions International Announces First Quarter 2024 Financial Results
Net Income increased by 91%, EPS were $0.31, an increase of $0.15 for the Quarter, Gross Margin 27.0%, an increase of 6.9% for the Quarter, Operating Cash
About this update from Power Solutions International, Inc.
[{"type":"text","content":"Net Income increased by 91%, EPS were $0.31, an increase of $0.15 for the Quarter, Gross Margin 27.0%, an increase of 6.9% for the Quarter, Operating Cash Flows were $15.6 million, an increase of $10.6 million for the Quarter, Debt decreased $5.0 million for the Quarter, Shareholder Equity restored positive $3.2 million for the Quarter. WOOD DALE, Ill., May 07, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, announces first quarter 2024 financial results. First Quarter 2024 Results Today, Power Solutions International, Inc., reported results for the three months ended March 31, 2024, with first quarter of 2024 net income of $7.1 million and diluted earnings per share of $0.31, compared to net income of $3.7 million and diluted earnings per share of $0.16 for the first quarter of 2023. Sales for the first quarter of 2024 were $95.2 million, a decrease of $21.2 million, or 18%, compared to the first quarter of 2023, as a result of lower sales of $14.1 million and $24.4 million within the industrial and transportation end markets, respectively, partially offset by an increase of $17.3 million in the power systems end market. Higher power systems end market sales are primarily due to increased demand for products across various applications, with the largest increases attributable to products used within the packaging market such as enclosures serving the fast-growing data center market as well as oil and gas products and demand response products. The decreased sales within the transportation end market were primarily attributable to lower sales in the truck and school bus market as customer products have evolved and new compliance and regulatory requirements have changed engine product offerings. Decreased industrial end market sales are primarily due to decreases in demand for products used within the material handling and arbor care markets, as well as the direct effects of enforcement of the Uyghur Forced Labor Prevention Act (“UFLPA”), which limited the Company’s ability to import certain raw materials in early 2024. Gross profit increased by $2.3 million, or 10%, during the first quarter of 2024 as compared to the same period in the prior year. Gross margin in the first qu...