Business
Power Solutions International Announces Second Quarter 2022 Financial Results
Net Income of $1.4 Million, an Improvement of $16.9 Million Adjusted Net Income of $2.4 million, an Improvement of $6.1 Million Adjusted Earnings Per Share of
About this update from Power Solutions International, Inc.
[{"type":"text","content":"Net Income of $1.4 Million, an Improvement of $16.9 Million Adjusted Net Income of $2.4 million, an Improvement of $6.1 Million Adjusted Earnings Per Share of $0.10 Versus Adjusted Loss Per Share of $0.16, an Improvement of $0.26 Gross Profit Growth of 39%; Operating Expense Declines by 46% Power Systems and Industrial End Market Sales Grow by 91% and 58%, Respectively, in the Second Quarter WOOD DALE, Ill., Aug. 11, 2022 (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, announced second quarter 2022 financial results. Second Quarter 2022 Results Sales for the second quarter of 2022 were $120.5 million, an increase of $9.0 million, or 8%, versus the comparable period last year, a result of sales increases of $22.3 million and $21.5 million in the power systems and industrial end markets, respectively, partly offset by a $34.9 million decline in the transportation end market, which was expected during the year as the Company focuses on driving improved long-term profitability. Further, overall sales in the second quarter of 2022 continued to reflect supply chain challenges that impacted the Company’s ability to timely meet certain orders. Higher power systems end market sales were attributable to increased sales across various categories, including within standby, demand response, and to customers that have traditionally served the oil and gas market. Higher industrial end market sales are primarily due to increased demand for products across various applications, with the largest increase attributable to products used within the material handling/forklift market. The decreased sales within the transportation end market were primarily attributable to lower sales in the medium duty truck market, coupled with lower sales of school bus products. Gross profit increased by $5.1 million, or 39%, during the second quarter of 2022 as compared to the prior year. Gross margin in the second quarter of 2022 was 15.2%, an increase of 3.4 percentage points compared to 11.8% last year, primarily due to the impact of higher sales, improved mix and pricing actions, partly offset by higher warranty expenses, among other items. For the three months ended June 30, 2022, warranty costs were $2.2 million...