Power Solutions International, Inc. reported strong financial results for the third quarter ended September 30, 2024, with net income of $17.3 million, a 122% increase from $7.8 million in the prior year. Diluted earnings per share rose to $0.75, up from $0.34 in the third quarter of 2023.
Net sales for the quarter increased by $10.0 million, or 9%, to $125.8 million, driven by a $23.7 million increase in the power systems end market. Gross profit soared by 31% to $36.4 million, with gross margin expanding by 4.8 percentage points to 28.9%, primarily due to an improved product mix and pricing actions.
The company also announced the successful completion of its debt refinancing on August 30, 2024, securing a new uncommitted secured revolving credit agreement for up to $120.0 million. This facility, along with a new shareholder's loan agreement with Weichai for up to $105.0 million, enhances financial flexibility and positions the company for future growth.
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