Key Developments For Fuel Systems Solutions, Inc.
Fuel Systems Solutions, Inc. (FSYS.O) (Nasdaq)
Fuel Systems Solutions, Inc. Raises FY 2009 Revenue Outlook-Reuters
Reuters reported that Fuel Systems Solutions, Inc. raised its fiscal 2009 revenue outlook. For fiscal 2009, the Company sees revenue of $415 to $425 million, up from its prior view of $370 to $380 million, driven by margin improvements and acquisitions. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $380 million for the same period.
Fuel Systems Solutions Inc. Issues FY 2009 Guidance Below Analysts' Estimates
Fuel Systems Solutions Inc. announced that for fiscal 2009, it expects revenue to be between $330.0-$360.0 million. The revenue guidance assumes a stronger U.S. Dollar that is estimated to negatively impact 2009 annual revenue by approximately 12.0%. During 2008, the average U.S. Dollar to Euro exchange rate was approximately 1.50, while the exchange rate assumption used in the 2009 revenue estimates is 1.30. According to Reuters Estimates, analysts were expecting the Company to report revenues of $429.2 million for the same period.
Fuel Systems Solutions Inc. Enters Definitive Agreement To Acquire Argentine Gaseous Fuels Equipment And Technology Manufacturer Distribuidora Shopping S.A.
Fuel Systems Solutions Inc. announced that its Italian operating subsidiary, MTM S.r.L., signed an agreement to acquire Distribuidora Shopping S.A. (DS), a privately held manufacturer of components and systems for the compressed natural gas (CNG) vehicle market. The transaction, which is expected to close in January 2009, is subject to customary closing conditions. The transaction value of $22 million is subject to adjustment for any closing indebtedness and the selling shareholders will receive $10.0 million of Fuel Systems common stock as part of the purchase consideration.
Fuel Systems Solutions Inc. Raises FY 2008 Revenue Guidance
Fuel Systems Solutions Inc. raised its fiscal 2008 consolidated revenue guidance to approximately $385 million. According to Reuters Estimates, analysts were expecting the Company to report revenue of $369 million for the same period.
Fuel Systems Solutions Inc. Raises FY 2008 Revenue Guidance
Fuel Systems Solutions Inc. announced that based on its current assessment of near-term market trends, the Company is increasing its fiscal 2008 consolidated revenue guidance to $350 million.
