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.
Power Solutions International (PSIX) recently announced a collaboration with Allen Engineering to showcase their new 2.4-liter dual-fuel engine at the World of Concrete 2023. This engine, providing 63.2 to 67.1 hp and 123.9 to 125.2 ft.-lbs. of torque, powers the HDX615 riding concrete trowel. PSI boasts over 250,000 engines currently in the field, known for reliability and cost-effectiveness. Their products cater to various markets including industrial and transportation, utilizing a diverse fuel strategy.
Power Solutions International, Inc. (PSIX) has amended its $50 million shareholder’s loan agreement with Weichai America Corp. to extend the loan maturity to November 30, 2023. The loan is fully drawn and subordinated to a $130 million senior secured revolving credit facility with Standard Chartered Bank. Borrowing under the loan incurs interest at the Secured Overnight Financing Rate (SOFR) plus 4.65% per annum. CEO Dino Xykis expressed gratitude for Weichai's support, emphasizing their ongoing collaboration.
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.