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Operating Income of $1.1 Million; Pretax Income of $0.8 Million
NEW YORK, May 8, 2013 (GLOBE NEWSWIRE) -- Fuel Systems Solutions, Inc. (Nasdaq:FSYS) reported results for its first quarter ended March 31, 2013.
Mariano Costamagna, Fuel Systems' CEO, said, "First quarter revenues were largely as anticipated as we focused on efficient execution and continued innovation. In our Automotive segment, DOEM conversions, particularly in Italy and the US were solid, offset to some degree by weaker aftermarket sales as our marketplaces become increasingly competitive amid a tough global economy. We are promoting our premier brand position in the aftermarket by working closely with our dealer network to communicate our value proposition and by investing in new products that broaden our solutions offering. Our Industrial segment saw softer sales from heavy duty commercial vehicles, while APU and engine volumes were stronger. We remain focused for this year on managing costs to maximize profitability while further investing in advancing our brand presences and technological leadership and adding to our customer relationships around the world."
First Quarter 2013 Financial Results
Revenue for the first quarter of 2013 was $98.6 million compared to $97.4 million in the first quarter of 2012. Automotive revenue increased $3.0 million primarily reflecting DOEM and OEM increases in Europe, offset partially by softer aftermarket trends in global markets. Industrial revenue decreased $1.8 million primarily reflecting lower heavy duty volumes in Asia offset by higher APU and engine sales in North America. Included in the above results is the impact of foreign exchange, which negatively impacted revenues by $0.2 million in the first quarter of 2013.
Gross profit for the first quarter of 2013 was $21.6 million, or 21.9% of revenue, compared to $22.6 million, or 23.2% of revenue in the first quarter of 2012, reflecting changes in the sales mix. Operating income for the first quarter of 2013 totaled $1.1 million, or 1.2% of revenue, compared to an operating income of $1.0 million, or 1.1% of revenue, in the first quarter of 2012, reflecting the lower gross profit offset by a modest decrease in operating expenses.