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) announced participation in the Advanced Clean Transportation (ACT) Expo held from August 31 to September 1, 2021, in Long Beach, CA. The company will showcase an 8.8-liter LPG engine and fuel system developed in collaboration with Hexagon Agility.
Under a recent development agreement, Hexagon Agility will exclusively supply LPG fuel systems for PSI's engines targeting medium-duty vehicle manufacturers. The expo highlights advancements in sustainable transportation technologies, attracting leading OEMs and suppliers.
Power Solutions International (PSI) has announced a partnership with Hexagon Agility to enhance their capabilities in developing low-emission vehicle solutions. This master development and collaboration agreement focuses on integrating PSI's engine manufacturing expertise with Hexagon Agility's CNG and LPG fuel systems for medium-duty vehicles. The partnership aims to respond to the growing demand for clean energy solutions driven by stringent greenhouse gas regulations. Both companies will collaborate on developing and supplying engines and fuel systems while also offering support for service and parts in the field.
Power Solutions International (PSIX) reported a 20% increase in Q2 2021 sales to $111.5 million, driven by growth in transportation and industrial markets, despite a $5 million dip in energy sales. Gross profit rose to $9.4 million with an improved gross margin of 11.8%. However, the company recorded a net loss of $15.6 million, a slight improvement from last year. Total debt stands at $131 million, with covenant breaches noted for its credit agreement. PSI anticipates further 20% sales growth in 2021, attributing expected boosts from energy and industrial markets in the latter half.
Power Solutions International, Inc. (PSIX) announced a new loan agreement with its majority stockholder, Weichai America Corp., providing up to $25 million in credit. The loan, dated July 14, 2021, will incur interest at LIBOR + 4.50% and matures on May 20, 2022. As of July 15, 2021, PSIX has borrowed $15 million under this agreement. The CEO expressed appreciation for Weichai's support to enhance liquidity and operational needs, while the chairman emphasized the strategic partnership's importance.
Power Solutions International (OTC Pink: PSIX) reported a Q1 2021 net loss of $18.2 million, or $0.79 per share, compared to a loss of $0.7 million in Q1 2020. Sales fell by 5% to $100.2 million, driven by decreases in the energy and industrial markets, partially offset by a $22.8 million increase in transportation sales. Gross profit dropped 60% to $10.7 million, with a gross margin of 7.1%. Operating expenses rose by 6%, mainly due to legal costs. Despite these challenges, the company projects sales growth of at least 15% in 2021, driven by improved economic conditions.
Power Solutions International (PSIX) announced its 2020 financial results, revealing a net loss of $23 million compared to a profit of $8.2 million in 2019. Fourth quarter sales hit $105 million, down 31% year-over-year, affected by reduced demand due to the COVID-19 pandemic. Gross profit also decreased by 37%, and adjusted EBITDA fell to $4.7 million. Despite this, the company forecasts a sales increase of at least 15% in 2021, citing expected growth across all markets. Management acknowledged uncertainties due to ongoing pandemic conditions.
Power Solutions International, Inc. (PSIX) has announced that Lance Arnett will succeed John P. Miller as CEO, effective February 15, 2021. Miller is retiring after a 90-day transition period. The board expressed gratitude for Miller's contributions during a transformative period for the company, including significant growth and successful financial restatements. Arnett, previously the Chief Commercial Officer, brings over 25 years of experience from Cummins Inc. and is expected to lead the company in expanding its product portfolio, especially in new energy solutions.