Power Solutions reports sales gain

WOOD DALE - Power Solutions International Inc. released financial results for its fiscal year third quarter, including sales of $124.9 million, an increase of $7.3 million, or 6%, versus the comparable period last year.

The company designs, engineers and manufactures emission-certified engines and power systems.

The improvement is a result of sales increases of $10.9 million and $18.8 million in the power systems and industrial end markets, respectively, partly offset by a $22.5 million decline in the transportation end market, which was expected during the year as the company focuses on driving improved long-term profitability, Power Solutions said.

Gross profit increased by $12.8 million, or 113%, during the third quarter of 2022 as compared to the prior year. Earnings per share was 14 cents, as compared to a loss per share of 31 cents in the third quarter last fiscal year.

"We are pleased to have continued the momentum from the second quarter as we saw continued sales growth and significant improvement in our gross margin and profitability," said Dino Xykis, interim chief executive officer.