Power Solutions International, Inc. (PSI) reported a net income of $69.3 million for the fiscal year ending December 31, 2024, a significant increase from $26.3 million in 2023, reflecting a 163% rise. The company's revenue reached $476.0 million, up 4% from $459.0 million in the previous year. This growth was primarily driven by a 45% increase in sales within the power systems segment, which accounted for 68% of total revenue, while the industrial and transportation segments saw declines.
The company experienced notable operational changes, including a strategic shift away from the transportation market, where it ceased selling emissions-certified engines. This decision was influenced by evolving regulatory requirements and a focus on higher-margin products. Additionally, PSI's collaboration with Weichai America Corp. has been extended for another three years, enhancing its product offerings and market reach, particularly in the power systems sector.
In terms of operational metrics, PSI sold over 22,200 engines in 2024, with 76% utilizing propane or natural gas as fuel. The company also reported a decrease in warranty costs, which fell to $6.5 million from $13.0 million in 2023, attributed to a shift in sales focus and improved product reliability. The workforce remained stable at approximately 700 employees, with no union representation.
Looking ahead, PSI anticipates continued growth in 2025, particularly in the power systems market, driven by demand from data centers and oil and gas sectors. However, the company remains cautious due to potential macroeconomic challenges, including inflationary pressures and geopolitical uncertainties that could impact supply chains and customer orders. The management is actively pursuing strategies to enhance manufacturing capacity and streamline operations to sustain profitability and growth.
About POWER SOLUTIONS INTERNATIONAL, INC.
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