From GlobeNewswire: 2024-05-07 16:38:00

Power Solutions International, Inc. announced an impressive 91% increase in net income for the first quarter of 2024, with earnings per share at $0.31. Gross margin rose to 27.0% and operating cash flows increased to $15.6 million. Debt decreased by $5.0 million, and shareholder equity returned to a positive $3.2 million. Overall, first quarter financial results showed significant growth.

Despite a decrease in sales by $21.2 million compared to last year, first quarter results for 2024 were positive for Power Solutions International, Inc. Higher sales in the power systems end market offset declines in industrial and transportation markets. Gross profit increased by 10% and operating efficiencies led to improved gross margins of 27.0%.

Net income for the first quarter of 2024 was reported at $7.1 million, with diluted earnings per share of $0.31. Additionally, sales decreased by $21.2 million due to lower sales in industrial and transportation end markets. However, power systems end market sales increased, largely driven by demand for products in the packaging and oil and gas industries.

Amid challenges like supply chain disruptions, PSI prioritized margin enhancement and efficient working capital management, leading to profitability in the first quarter of 2024. The company expects sales to increase by 3% in 2024, driven by growth in the power systems end market. Debt repayment of $5.0 million in the quarter demonstrates a commitment to financial health.

Power Solutions International, Inc. anticipates strong growth in the power systems end market for the remainder of 2024, positioning the company for profitable expansion. Despite ongoing challenges, PSI remains focused on efficient management and increased sales in key sectors to drive growth and maintain a positive financial outlook.



Read more at GlobeNewswire:: Power Solutions International Announces First Quarter 2024