Fuel Systems Solutions (FSYS) Beats, Guides Higher, Up 10% AH

Not a real impressive quarter out of FSYS after the bell today, but in this environment all you need to do is beat low expectations, guide in line or higher and the stock is usually off to the races.  No exception here.  The company beat analyst estimates by .14/share, posting .46/share which is a 15% decrease from the year ago quarter.  Revenues were off 6% over the year ago period, but also beat estimates with revenues of $92.3 million.  The company has also guided higher and sees FY09 sales of $370 – 380 vs the consensus of $353.5 million.

Mariano Costamagna, FSYS CEO, said, “Our expanded delayed original equipment manufacturer (DOEM) capacity delivered record quarterly systems installations of 37,000 and our business is on track to exceed 120,000 conversions in 2009, more than doubling the nearly 58,000 conversions in 2008. Demand for alternative fuel vehicles is strong in Europe and will undoubtedly return worldwide as global markets improve. As such, during the quarter, we raised $30 million to continue to invest in opportunities in existing and adjacent businesses like our Teleflex Power Systems, Distribuidora Shopping S.A., and FuelMaker Corporation asset acquisitions and global automotive expansions.”

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