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 (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.