Pioneer Power Solutions, Inc. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Reaffirms Earnings Guidance for 2018
November 09, 2018 at 02:35 am IST
Share
Pioneer Power Solutions, Inc. announced earnings results for the third quarter and nine months ended September 30, 2018. For the third quarter, the company announced sales was USD 25.956 million compared to USD 25.494 million a year ago. Net income was USD 58,000 compared to net loss of USD 795,000 a year ago. Basic earnings per share from continuing operations was USD 0.09 compared to basic loss per share from continuing operations of USD 0.03 a year ago. Basic earnings per share was USD 0.01 compared to basic loss per share of USD 0.09 a year ago. Non-GAAP net earnings was USD 2.338 million compared to USD 2.628 million a year ago. Non-GAAP net earnings per diluted share was USD 0.27 compared to USD 0.30 a year ago. Adjusted EBITDA was USD 2.959 million compared to USD 3.326 million a year ago.
For the nine months, sales was USD 74.024 million compared to USD 77.835 million a year ago. Net loss was USD 1.312 million compared to net income of USD 599,000 a year ago. Basic earnings per share from continuing operations was USD 0.01 compared to USD 0.19 a year ago. Basic loss per share was USD 0.16 compared to basic earnings per share of USD 0.08 a year ago. Non-GAAP net earnings was USD 4.778 million compared to USD 6.915 million a year ago. Non-GAAP net earnings per diluted share was USD 0.55 compared to USD 0.79 a year ago. Adjusted EBITDA was USD 6.048 million compared to USD 8.753 million a year ago.
For 2018, management reaffirms its expectations for the company to generate high-single-digit growth in revenues from continuing operations and to increase Adjusted EBITDA for the full year of 2018 compared to 2017.
Pioneer Power Solutions, Inc. designs, manufactures, integrates, refurbishes, services, distributes electric power systems, distributed energy resources, used and new power generation equipment and mobile electric vehicle (EV) charging solutions. Its products and services are sold to a broad range of customers in the utility, industrial and commercial markets. It operates through two segments: Transmission & Distribution Solutions (T&D Solutions) and Critical Power Solutions (Critical Power). Its T&D Solutions business provides equipment solutions, including e-Bloc, that help customers protect, control, transfer, monitor and manage their electric energy requirements. Its solutions are marketed principally through its Pioneer Custom Electrical Products Corp. (PCEP) brand name. Its Critical Power business provides customers with suite of mobile E-BOOST EV charging solutions, and all forms of maintenance on power generation equipment. Its products are marketed under Titan brand.
Pioneer Power Solutions, Inc. Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Reaffirms Earnings Guidance for 2018
PIONEER POWER SOLUTIONS, INC. 
