Power Solutions reports sales gains

WOOD DALE - Power Solutions International Inc., which designs, engineers and manufactures emission-certified engines and power systems, released fourth quarter and fiscal year year 2022 financial results.

The company's sales were $481 million for the year ended Dec. 31, and increase of $25 million, or 5%, over fiscal year 2021. In the fourth quarter, sales were $137 million, a 10% increase over the $127 million in net sales over the same period the prior year.

The improvement in sales in the quarter was attributed to increases of approximately $19.5 million and $10.0 million in the industrial and power systems end markets, respectively, partially offset by a decrease of $19.5 million in the transportation end market.

The increased sales within the industrial end market primarily reflect increased demand for products used in the material handling/forklift markets. Higher power systems end market sales were driven by increases across various categories, including standby and customers that have traditionally served the oil and gas market.

The decreased sales within the transportation end market were primarily attributable to lower sales in the medium duty truck market, coupled with lower sales of school bus products.

Gross profit increased by $19.8 million, or 204%, in the fourth quarter of 2022 compared to the same period the prior year. For the full fiscal year, gross profit was $88 million, up from $41 million in fiscal year 2021.