15.12.15

Fuel Systems Solutions: Q3 Results

Fuel Systems Solutions hat Zahlen für das dritte Quartal vorgelegt. Wir veröffentlichen die Mitteilung des Anbieters von alternativer Antriebstechnologie dazu im Wortlaut.

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Fuel Systems Solutions, Inc. (FSYS) reported results for its third quarter ended September 30, 2015. In addition, the Company announced it plans to file its Form 10-Q for the period ended September 30, 2015 today, bringing its filings with the Securities and Exchange Commission current and restoring its compliance with NASDAQ Listing requirements.

Q3 2015 Highlights

    Revenue of $65.6 million compared to $85.1 million for Q3 2014; revenue down 12.3% or $10.4 million, excluding foreign exchange impact
    Gross profit margin 23.1% compared to 23.5% in Q3 2014
    Adjusted EBITDA of $1.6 million compared to Adjusted EBITDA of $4.4 million for Q3 2014
    Recorded non-cash goodwill and long-lived asset impairment charge of $13.8 million, or $0.76 per share

Mariano Costamagna, Fuel Systems Solutions, Inc. ("Fuel Systems" or "FSS") CEO, said, "End markets around the world are beginning to show some signs of stabilizing, with pressure from economic conditions beginning to diminish. Fuel Systems continues to see improvement in certain markets and geographies, including the start of our OEM conversions for Honda Turkey, incoming orders at Cubogas, as well as continued strength in our APU business. Finally, 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."

Third Quarter 2015 Financial Results

Total revenue for the third quarter of 2015 was $65.6 million compared to $85.1 million for the third quarter of 2014. This variance includes the impact of foreign exchange on third quarter 2015 revenue, which was negative $9.1 million.

In constant currency, FSS Automotive revenue was negatively impacted by lower aftermarket, compressor, OEM and DOEM sales volumes as a result of difficult economic conditions in major markets (specifically in Europe and South America), lower oil prices and increased competition. In constant currency, FSS Industrial revenue decreased slightly compared to the prior-year period primarily reflecting lower demand for mobile equipment and stationary equipment as a result of lower oil prices, a decrease in heavy duty sales in Thailand and increased competition partially offset by higher sales of auxiliary power units in North America.

Gross profit for the third quarter of 2015 was $15.1 million, or 23.1% of revenue, compared to $20.0 million, or 23.5% of revenue, for the third quarter of 2014. The lower gross profit primarily reflects the decreased volumes mentioned above. The slight gross margin percentage decrease was primarily due to the impact of foreign exchange. The impact of the revenue decreases has been partially mitigated by the cost reduction activities that have been initiated on both product costs and operating expenses. Corporate expenses increased $4.9 million compared to the prior year as a result of increases in outside services for consultants in connection with restructuring and strategic and merger related activities.

The Company recorded a non-cash goodwill and long-lived asset impairment charge ("impairment charge") of $13.8 million in the third quarter of 2015, comprised of a goodwill impairment of $7.0 million and a write-down of long-lived assets of $6.8 million relating to both the industrial and automotive operating segments.

Operating loss for the third quarter of 2015 totaled $21.3 million. Excluding the impairment charge, operating loss for the third quarter of 2015 totaled $7.5 million, or 11.5% of revenue, compared to operating loss for the third quarter of 2014 of $1.4 million, or 1.6% of revenue. The increased loss primarily reflects the revenue decreases and additional corporate expenses described above.

Income tax expense for the third quarter of 2015 was $0.5 million compared to an income tax expense of $2.2 million in the third quarter of 2014. The Company's income tax rate is primarily a result of the fluctuation of earnings in various foreign jurisdictions and losses incurred for which no tax benefits have been recorded. For the third quarter of 2015, there were certain foreign jurisdictions where tax benefits were not included in the Company's income tax provision. This was a result of a valuation allowance for deferred tax assets in Italy that was recorded in the first quarter of 2015.

Net loss for the third quarter of 2015 was $22.4 million, or $1.24 per diluted share, including the abovementioned impairment charge, of $13.8 million, or $0.76 per share. Excluding this charge, net loss for the third quarter of 2015 was $8.6 million, or $0.48 per diluted share, compared to net loss of $3.2 million, or $0.16 per diluted share.

Adjusted EBITDA for the third quarter of 2015 was $1.6 million, compared to $4.4 million for the third quarter of 2014. Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures" below for a discussion of this metric.

FSS Automotive Operations

FSS Automotive third quarter 2015 revenue was $41.1 million compared to $59.5 million for the same quarter a year ago. The impact of foreign exchange on FSS Automotive was negative $8.1 million; in constant currency, third quarter 2015 FSS Automotive revenue decreased 17.2% compared to the prior year period, reflecting the lower volumes mentioned above. Excluding the $8.6 million impairment charge attributable to FSS Automotive, FSS Automotive third quarter 2015 operating loss was $2.4 million compared to operating loss of $0.7 million for the same period a year ago. FSS Automotive third quarter 2015 Adjusted EBITDA was $0.5 million compared to Adjusted EBITDA of $3.9 million for the same period a year ago.

FSS Industrial Operations

FSS Industrial third quarter 2015 revenue was $24.5 million compared to $25.6 million for the same quarter a year ago. The impact of foreign exchange on FSS Industrial was negative $1.0 million; in constant currency, third quarter 2015 FSS Industrial revenue decreased 0.9% compared to the prior year period. Excluding the $5.2 million impairment charge attributable to FSS Industrial, FSS Industrial third quarter 2015 operating income was $1.9 million compared to $1.5 million for the same period a year ago. FSS Industrial third quarter 2015 Adjusted EBITDA was $2.6 million compared to Adjusted EBITDA of $2.4 million for the same period a year ago.

Nine Months Ended September 30, 2015 Financial Results

Total revenue for the first nine months of 2015 was $196.1 million compared to $253.8 million for the first nine months of 2014. Net loss for the first nine months of 2015 was $40.2 million, or $2.16 per diluted share, which includes the abovementioned impairment charge, compared to a net loss of $49.4 million, or $2.46 per diluted share, including an impairment charge recorded in the second quarter of 2014, net of tax, of $43.2 million, or $2.15 per share. Excluding the impairment charge, net loss for the first nine months of 2015 was $26.5 million, or $1.42 per diluted share, compared to $6.2 million, or $0.31 per diluted share, in the same period in 2014. Adjusted EBITDA for the first nine months of 2015 was $4.3 million compared to Adjusted EBITDA of $8.7 million for the first nine months of 2014.

Total FSS Automotive revenue for the first nine months of 2015 was $122.4 million compared to $173.5 million for the same period a year ago. FSS Automotive operating loss, including the third quarter 2015 impairment charge, was $17.4 million for the first nine months of 2015 compared to operating loss of $47.7 million for the first nine months of 2014, including the second quarter 2014 impairment charge. FSS Automotive Adjusted EBITDA for the first nine months of 2015 was $1.4 million compared to an Adjusted EBITDA of $5.3 million for the first nine months of 2014.

Total FSS Industrial revenue for the first nine months of 2015 was $73.7 million compared to $80.2 million for the same period a year ago. FSS Industrial operating income, including the third quarter 2015 impairment charge, was $1.3 million for the first nine months of 2015 compared to $1.8 million for the first nine months of 2014, including the second quarter 2014 impairment charge. FSS Industrial Adjusted EBITDA for the first nine months of 2015 was $8.2 million compared to Adjusted EBITDA of $8.2 million for the first nine months of 2014.

2015 Cost Reduction and Restructuring Program Update

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 as follows: $0.8 million for severance; $0.5 million for the write-off of long-lived assets in connection with rationalization of activities; and $0.8 million for professional fees. Savings achieved in the third quarter of 2015 for the program were approximately $1.8 million.

2015 Outlook

The Company expects:

    2015 revenue outlook in the range of between $255 million to $265 million, a reduction from the Company's 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.

And continues to expect:

    2015 gross margin in the range of 21% to 23%
    Adjusted EBITDA outlook for 2015 of $5.0 million to $10.0 million

Non-GAAP Measures

To provide investors and others with additional information regarding Fuel Systems' results, in addition to the results presented in accordance with generally accepted accounting principles, or GAAP, in this press release, Fuel Systems presents Adjusted EBITDA, which is a non-GAAP measure. A reconciliation of this non-GAAP measure to the closest GAAP financial measure is presented in the financial tables below under the heading "Non-GAAP FINANCIAL MEASURE RECONCILIATION." Adjusted EBITDA is determined by adding the following items to Net Income/(Loss), the closest GAAP financial measure: Depreciation & Amortization; Interest income/expense, net; and Benefit (Provision) for Income Taxes, Impairments, Restructuring charges, Stock based compensation Consulting fees related to restructuring and strategy and other non-operating expenses. Fuel Systems' management believes this non-GAAP financial measure offers additional insight into the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in the business, as it excludes certain non-cash items. This non-GAAP financial measure also can provide useful information to investors and others in understanding and evaluating Fuel Systems' operating results and future prospects when comparing financial results across accounting periods and to those of peer companies. Fuel Systems may not define this non-GAAP financial measure in a manner similar to other companies.

About Fuel Systems Solutions

Fuel Systems Solutions, Inc. (FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to the components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Additional information is available at www.fuelsystemssolutions.com.
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