Fuel Systems 3Q Profit Soars, Shares Surge

SANTA ANA, Calif. (AP) — Fuel Systems Solutions Inc. said Thursday its third-quarter profit rose 31 percent as strong demand for alternative-fueled vehicles boosted sales.

The results came in well ahead of Wall Street predictions and the company also released a strong 2010 sales guidance. Fuel Systems shares surged rose $8.76, or 26 percent, to $42.56 in midday trading after jumping as high as $42.65 earlier in the session.

The company, which makes parts for fuel-delivery systems sold to automakers and bus companies, earned $15.5 million, or 88 cents per share, up from $11.9 million, or 75 cents per share, in the year-ago period.

The recent quarter's results included a gain of $2 million, or 11 cents per share, from the acquisition of the remaining 50 percent of a joint venture in Brazil.

Revenue increased 10 percent to $116.2 million from $105.5 million.

Analysts polled by Thomson Reuters expected a profit of 43 cents per share on $104.3 million in revenue.