Power Solutions sales up in second quarter

WOOD DALE - Power Solutions International Inc. reported financial results of its fiscal year second quarter, including $121.9 million in sales, an increase of 1% compared to the same quarter a year ago.

Power Solutions designs, engineers and manufactures emission-certified engines and power systems.

Sales increased $7.5 million and $6.8 million in the power systems and transportation end markets, respectively, helping offset a decrease of $12.9 million in the industrial end market. Higher power systems end market sales are primarily due to increased demand for products across various applications, with the largest increases attributable to products used within the enclosure and packaging market, the company said. Increased sales within the transportation end market were primarily attributable to higher sales in the medium duty truck market and school bus products.

Net income in the second quarter was $6.4 million, or 28 cents per share, compared to net income of $1.4 million, or 6 cents per share, for the second quarter of 2022.

As we continue into 2023, we have started to see a decline in the demand within the industrial end market," said Dino Xykis, chief executive officer and chief technical officer. "While we work to diligently offset these declines within this end market, we are also simultaneously maintaining tight controls around spending to ensure the continued profitability of the company."