Fuel Systems Lowers 2015 Revenue Guidance; Updates On Restructuring Program

(RTTNews) - Fuel Systems Solutions, Inc. (FSYS) said the company expects 2015 revenue in the range of between $255 million to $265 million, a reduction from the prior outlook due a long-term construction project in Latin America that the company now anticipates may not be completed in the fourth quarter and continued automotive market weakness. For 2015, the company continues to expect gross margin in the range of 21% to 23% and adjusted EBITDA of $5.0 million to $10.0 million.

During the third quarter of 2015, the company continued to execute the next steps in its cost reduction and restructuring program, and recorded $2.1 million for restructuring and costs related to outside services for consultants. Savings achieved in the third quarter of 2015 for the program were approximately $1.8 million.

Mariano Costamagna, Fuel Systems Solutions CEO, said, "We are continuing to work on our pending merger transaction with Westport Innovations and we are targeting its completion in the first quarter of 2016."