Fuel Systems Solutions Q4 Loss Narrows

(RTTNews) - Fuel Systems Solutions, Inc. (FSYS) said that its net loss for the fourth quarter of 2013 narrowed to $3.3 million, or $0.16 per share, from $21.0 million, or $1.05 per share for the fourth quarter of 2012.

Revenue for the fourth quarter of 2013 was $92.6 million compared to $98.0 million in the fourth quarter of 2012. Automotive revenue decreased $3.8 million primarily reflecting lower OEM volumes and the impact of the competitive aftermarket pressure offset slightly by an increase in DOEM and compressor sales. Industrial revenue decreased $1.7 million compared to the prior-year period, primarily as a result of lower volumes for heavy duty business in Asia and stationary engines. The impact of foreign exchange on the fourth quarter revenue was insignificant.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share and revenues of $96.40 million. Analysts' estimates typically exclude special items.

The company expects full year 2014 revenue to be between $340 million and $360 million, 2014 gross margin of 21% to 23%, and 2014 positive cash flow as defined by Adjusted EBITDA of between $14 million and $20 million. Analysts expect the company to report revenues of $388.15 million for fiscal 2014.