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March 14, 2014
11:31 EDTFSYSFuel Systems predicts FY14 to be 'challenging' year
Says will consider opportunistic M&A. Says will continue to focus on execution and reducing our product and run rate costs in FY14. Says in FY14, customer transactions in the mobile business, including the conclusion of its program with Nacco, will reduce volumes. Expects volumes to begin improving in the latter part of 2H14. Believes a more favorable regulatory environment could support a possible market evolution, both for aftermarket and OEM. Continues to operate in a tough environment in aftermarket. Says aftermarket overall is suffering from a lack of product offering. Anticipates new revenue streams as a result of several new programs that are beginning to launch in Q1 in its Stationary industrial market. The company expects its effective tax rate for 2014 to be comparable to 2013. Says the impact from its mobile customer transition in FY14 will be short term as the company feels it is gaining more profitable business. The company says it is examining all strategic opportunities for capital deployment. Comments made during the company's Q4 earnings conference call.
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