Business
Power Solutions International Announces Record Fourth Quarter and Record Full Year 2024 Financial Results
Quarter Sales of $144.3 million, up 38% from a year earlier, Full Year Sales of $476.0 million, up 4% from a year earlier, Quarter Net Income of $23.3
About this update from Power Solutions International, Inc.
[{"type":"text","content":"Quarter Sales of $144.3 million, up 38% from a year earlier, Full Year Sales of $476.0 million, up 4% from a year earlier, Quarter Net Income of $23.3 million, up 178% from a year earlier, EPS $1.01 for the Quarter, Full Year Net Income of $69.3 million, up 163% from a year earlier, EPS $3.01 for the Full Year, Cash Flow Provided by Operating Activities $62.4 million in 2024 WOOD DALE, Ill., March 24, 2025 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (Nasdaq: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, announced record fourth quarter and full year 2024 financial results. Financial Highlights ($ in millions, except per share amounts)Quarter Ended December 31, 2024December 31, 2023ChangeNet sales$144.3$104.838%Gross Profit$43.2$27.557%Net Income$23.3$8.4178%Diluted Earnings per Share$1.01$0.36$0.65 ($ in millions, except per share amounts)Year Ended December 31, 2024December 31, 2023ChangeNet sales$476.0$459.04%Gross Profit$140.5$105.933%Net Income$69.3$26.3163%Diluted Earnings per Share$3.01$1.15$1.86 Fourth Quarter 2024 Results Power Solutions International, Inc., reported record profit for the three months ended December 31, 2024, with net income of $23.3 million and diluted earnings per share of $1.01, compared to net income of $8.4 million and diluted earnings per share of $0.36 for the fourth quarter of 2023. Dino Xykis, Chief Executive Officer, commented, “Our sales and net income increased significantly for the quarter, driven by higher demand from our power systems business, including contributions from the expanding data center sector, along with operational efficiencies, and strategic initiatives that continue to yield positive results. For the year, we achieved record profits, reflecting a disciplined and consistent financial approach, market expansion, and commitment to delivering value to our shareholders. As we move forward, we remain focused on innovation, and operational excellence, while continuing to reduce PSI’s debt, improving our balance sheet and delivering long-term growth.” Kenneth Li, Chief Financial Officer, commented, “In December 2024, we successfully uplisted to the Nasdaq Stock Market (\"Nasdaq\"), marking a key milestone in our growth journey. This achievement reflects our strong financial position, r...