Friday, August 7, 2009

Fuel Systems Solutions Earnings Strong

Fuel Systems Solutions (FSYS) reported strong quarterly earnings and gave a solid outlook for the remainder of the year. Here's the release (via Reuters):

* Q2 EPS $0.46 vs. est $0.32
* Q2 rev $92.3 mln vs. est $87.8 mln
* Raises '09 revenue outlook

Aug 6 (Reuters) - Fuel Systems Solutions Inc, an alternative fuel components maker, posted better-than-expected quarterly results, helped by a rise in demand for its delayed original equipment manufacturer products, and it raised its revenue outlook for the full year. Shares of the company rose 8 percent to $29 in trading after the bell. They closed at $26.82 Thursday on Nasdaq.

The company posted second-quarter earnings of $7.4 million, or 46 cents a share, compared with $4.6 million, 29 cents a share, a year earlier. Revenue fell 6 percent to $92.3 million.

Analysts on average were expecting earnings of 32 cents a share, on revenue
of $87.8 million, according to Reuters Estimates.

The company raised its full-year revenue outlook to a range of $370 million to $380 million from its previous forecast of $330 million to $360 million.

This company is well positioned in the alternative fuel space and gets a lot of business outside the US, which seems to be the driver of growth these days.

I regret not buying the stock when I first posted about it at $18. I'd still like to own it if I get the opportunity at a better price, but I probably won't be buying when the shares rise 10% like today.

Disclosure: None


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