Update: Power Solutions International Shares Drop After Q1 Adjusted Earnings, Revenue Fall
Power Solutions International (PSIX) shares were down about 40% in afternoon trading Tuesday, a day after the company posted lower Q1 adjusted earnings and revenue.The company reported quarterly adjusted earnings late Monday of $0.36 per diluted share, down from $0.83 a year earlier.One analyst polled by FactSet expected $0.52.Revenue for the three months ended March 31 was $128.6 million, down from $135.4 million a year earlier.Two analysts surveyed by FactSet expected $160.8 million.The company said it expects Q2 revenue to be "generally consistent" with Q1.Power Solutions International said it is not providing full-year guidance at this time amid "ongoing variability in order timing and market conditions."Price: $37.77, Change: $-24.69, Percent Change: -39.53%