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Operating Income of $1.6 Million
NEW YORK, Nov. 7, 2013 (GLOBE NEWSWIRE) -- Fuel Systems Solutions, Inc. (Nasdaq:FSYS) reported results for its third quarter ended and nine months ended September 30, 2013.
Mariano Costamagna, Fuel Systems' CEO, said, "Fuel Systems' third quarter results were solid, with revenue of $97.6 million reflecting an increase in Automotive DOEM sales mostly in the US market and increases in Industrial systems and APU sales compared to last year. Profitability improved nicely on both sides of the business through mix as well as our focus on driving efficiencies across the organization. We are narrowing our 2013 revenue outlook to the lower end of the range and increasing our new product and market development and cost control efforts as we plan for continued economic and competitive challenges in certain geographies as we move into 2014. We are focusing on our brands and our profitability while being realistic about competition, both on the OEM and the aftermarket sides, while nurturing growth in expanding markets. Fuel Systems expertise, core technologies, global platform, and our investments in technology position us well to serve our addressable market opportunities."
Third Quarter 2013 Financial Results
Revenue for the third quarter of 2013 was $97.6 million an increase of $8.0 million or 8.9% compared to $89.6 million in the third quarter of 2012. Automotive revenue increased $6.3 million or 10.3% compared to the prior-year period, primarily due to an increase in DOEM sales, mostly in the US market while Industrial revenues increased $1.7 million, or 5.9% compared to the prior-year period, primarily as a result of increased demand for systems and kits as well as auxiliary power units in North America partially offset by lower volumes of heavy duty business in Asia. The impact of foreign exchange on third quarter revenue was insignificant.