Mark Krieger • 45 Comments
Sneha Shah • 11 Comments
Mon, May 16, 10:54 AM
- Fuel Systems Solutions (FSYS +2%) co-founder Pier Antonio Costamagna issues a statement on the company's upcoming merger with Wesport Innovations (WPRT +0.5%). The snippets below tell you pretty clearly which way Costamagna is voting with his 8.7% stake.
- "It is stunning to me the FSS Board continues to move ahead with this merger in light of the consistent and alarming state of Westport."
- "FSS shareholders are receiving no premium at the current implied offer, which only continues to decline."
- "FSS will be a significant contributor but under the Amended Merger Agreement will receive an inadequate stake in the combined company."
- Full statement
- Now read Fuel Systems Solutions Shareholders Must Reject The Proposed Merger With Westport Innovations
Thu, May 12, 4:26 PM
- Westport Innovations (WPRT -7.2%) logged a miss on top and bottom lines in its Q1 report, facing "macro headwinds in multiple end markets."
- The company logged a loss of $0.36/share and total EBITDA was negative as well, though an adjustment brought EBITDA at Westport Operations to break-even. Overall, EBITDA was -$10.6M after adjustment, short of a consensus for -$7.9M.
- Revenue at units: Cummins Westport, $65M (down 11%); Weichai Westport, $29.9M (down 46.5%).
- It noted five keys to 2016 strategy: Advance commercialization of Westport HPDI 2.0; Completing a merger with Fuel Systems Solutions (NASDAQ:FSYS) in early June; rationalize its portfolio (wrapping non-core asset sales); strengthening its balance sheet; and driving cost efficiencies within merged entities.
- Westport will offer full-year guidance after it closes the merger with Fuel Systems.
- Conference call to come at 5 p.m. ET.
- Press release
Mon, Mar. 7, 2:07 PM
- Select auto parts stocks are higher after Westport Innovations (WPRT +14%) and Fuel Systems Solutions (FSYS +4.9%) update their merger agreement.
- M&A speculation has increased this year in the auto parts group.
- Sector movers include Fenix Parts (FENX +11.4%), Federal-Mogul (FDML +9.4%), Accuride (ACW +8.3%), Superior Industries International (SUP +7.5%), and Stoneridge (SRI +8.3%).
- Previously: Westport signs amendment to merger agreement with Fuel Systems (Mar. 07 2016)
Thu, Mar. 3, 5:57 PM
- Fuel Systems Solutions (FSYS +10.3%) has named Andrea Alghisi to return to the chief operating officer role.
- Alghisi had been interim COO when was with AP Services, until his resignation as managing director of AlixPartners at the end of Q3. He's coming in most recently from McKinsey & Co.
- Alghisi "will oversee operations and resume a leadership role in implementing the restructuring plan adopted by our board," says CEO Mariano Costamagna. "Having planned and begun implementation of our 2015 cost reduction and operating profit improvement initiatives, he is well suited to this role and eminently well qualified to provide continued leadership and direction."
Fri, Jan. 8, 12:49 PM
Jul. 8, 2015, 12:45 PM
Aug. 18, 2014, 3:57 PM
- Fuel Systems Solutions (FSYS -2.8%) is sharply lower after badly missing Q2 earnings estimates and cutting its revenue forecast for the year.
- FSYS, whose products allow vehicles to run on propane and natural gas, said it has lost customers in Europe, which contributes ~40% of its revenue; "where they've been historically strong has gotten weaker," Lake Street Capital analyst Robert Brown tells Reuters.
- While many of its peers are riding a recovery in the U.S. auto industry, FSYS and its European business is still playing catch-up after a euro-zone crisis that weakened automotive demand.
Aug. 18, 2014, 12:46 PM
Mar. 14, 2014, 1:03 PM
Aug. 8, 2013, 12:49 PM
Jul. 29, 2013, 1:03 PM| Jul. 29, 2013, 1:03 PM | 1 Comment
Jun. 12, 2013, 10:08 AMFuel Systems Solutions (FSYS +4.5%) trades higher as shares threaten to break past a multi-month ceiling. The rise of Tesla has taken some of the attention away from natural gas engine solutions, but in China and Indonesia talk has been increasing on alternative fuel systems other than electric. | Jun. 12, 2013, 10:08 AM
Jun. 3, 2013, 5:32 PM
May 8, 2013, 11:19 AM
Shares of Fuel Systems Solutions (FSYS -5.2%) fall after the company misses analyst estimates with its Q1 report. A change in the company's sales mix affected profitability during the quarter, although full year revenue and operating margin guidance was reaffirmed.| May 8, 2013, 11:19 AM
Mar. 21, 2013, 3:58 PM
Mar. 20, 2013, 5:39 PM