Fuel Systems 4th-quarter profit misses Street estimates
(Reuters) - Fuel Systems Solutions Inc's (FSYS.O) quarterly profit missed analysts' expectations, but the alternative-fuel components maker forecast a 2012 revenue largely above market estimates on an anticipated growth in demand.
The company, which makes systems that control the flow of gaseous fuels like natural gas and propane, forecast a revenue of between $420 million and $440 million in 2012.
Analysts, on average, were expecting $437.3 million in revenue, according to Thomson Reuters I/B/E/S.
Fuel Systems said it expects continued growth in European aftermarket products and strong demand in India, Thailand, China and Latin America in the second half of 2012.
For the fourth quarter, the company reported a net profit of $1.4 million or 7 cents a share, compared with a net loss of $417,000, or 2 cents a share, a year ago.
Analysts had expected earnings of 14 cents a share.
The company's fourth-quarter revenue jumped 34 percent to $111.0 million, beating the analysts' estimate of $97.9 million.
The company's shares closed at $26.32 on Wednesday on the Nasdaq.
(Reporting by Ritika Rai in Bangalore; Editing by Sreejiraj Eluvangal)