Welcome to our dedicated page for Power Solutions Intl news (Ticker: PSIX), a resource for investors and traders seeking the latest updates and insights on Power Solutions Intl stock.
Power Solutions International, Inc. designs, engineers and manufactures emission-certified engines and power systems for OEMs and end-user customers in power systems, industrial and transportation end markets. Company news commonly covers quarterly results, demand for power generation products used in data centers and oil and gas, manufacturing capacity, margin and supply-chain execution, and fuel-agnostic engine platforms using natural gas, propane, gasoline, diesel and biofuels.
Updates also include strategic actions such as the completed acquisition of MTL Manufacturing & Equipment Inc., industrial engine distribution and development partnerships, credit-facility changes, Nasdaq-listed common stock matters and appointments affecting legal, board and corporate-secretary functions.
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Power Solutions International, Inc. (OTC Pink: PSIX) has appointed Dino Xykis as its permanent Chief Executive Officer, effective April 24, 2023. Xykis has served as the Interim CEO since June 2022 and will also retain his role as Chief Technical Officer, a position he has held since March 2021. James Zhang, Chairman of the Board, commended Xykis for his leadership and significant contributions to improving the Company’s performance over the past eleven months. Xykis expressed gratitude to stakeholders and a commitment to continue the Company’s growth momentum established in 2022. With over 30 years of engineering experience, including key roles at Cummins and Generac, Xykis aims to leverage his expertise to drive Power Solutions International forward in the emission-certified engine and power systems industry.
Power Solutions International, Inc. (PSIX) announced Q4 and full-year 2022 financial results, revealing sales of $137 million for Q4, an 8% increase year-over-year. The rise was led by strong performance in industrial and power systems markets, offset by a decline in transportation. Gross profit surged by 204% to $19.8 million, improving gross margin to 21.5%. Net income for Q4 reached $9.3 million ($0.40/share), a turnaround from a loss of $7.6 million the previous year. For 2023, PSIX projects a 3% sales increase, driven by power systems, but acknowledged ongoing supply chain uncertainties. Total debt stood at $211 million with cash reserves of $24.3 million.
Power Solutions International, Inc. (PSIX) announced an amendment to its $130 million senior secured revolving credit agreement with Standard Chartered Bank, extending the maturity to March 22, 2024. The new agreement is fully drawn and requires minimum consolidated EBITDA and Interest Coverage Ratio for Q2 and Q3 2023. Additionally, PSIX amended two shareholder loan agreements with its majority owner, Weichai America Corp., which now mature in 2024. The company currently has $4.8 million drawn from one of these loans and intends to extend two other loans maturing later in 2023. Management expresses gratitude for the support received from both Standard Chartered and Weichai.
Power Solutions International (PSI) is showcasing its new line of Power System engines at POWERGEN International from February 21 to 23, 2023, at the Orange County Convention Center in Orlando, Florida.
On display are various engine models including 2.4-, 4.3-, and 8.8-liter gas engines and 20-, 53-, and 65-liter diesel engines. PSI's products cater to power generation applications, offering displacements ranging from 0.97- to 65 liters with power outputs between 15 kWe to 3,000 kWe.
PSI is recognized for designing emission-certified engines and delivering customized solutions across energy, industrial, and transportation markets.