Fuel Systems Solutions (FSYS) Smashes Estimates, Breaks Out With 25% Gain

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12:29:38 pm on November 5, 2009

Fuel Systems Solutions (FSYS) smashed Wall St estimates this morning by reporting quarter over quarter revenue and earnings growth of 10% and 5% respectively.  The company posted .77/share which was well ahead of the estimate of .43/share on revenues of $116.2.  The company also raised guidance for the full year 09.  The company sees revenues in  the range of $415 – 425 million vs the Wall St estimate of $380.

CEO Mariano Costamagna commented on the quarter:  “Our acquisitions complement Fuel Systems’ existing global businesses and the integrations are proceeding smoothly. Throughout the year, we increased our delayed original equipment manufacturer (DOEM) capacity by adding more lines within facilities to capture automotive demand. During the third quarter, we reached a record 47,000 systems installations. We believe the demand from Europe will continue, and we are on track to exceed 170,000 installations in 2009.” The CFO added that they’re are seeing strong demand for alternative fuel vehicles, particularly in Italy.

Shares of FSYS are currently up just under 25% and trading at new 52 week highs.  

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