Pioneer Power Solutions, Inc. (NASDAQ:PPSI) Q3 2023 Earnings Conference Call November 15, 2023 9:00 AM ET
Company Participants
Brett Maas - Hayden IR
Nathan Mazurek - President, CEO & Chairman
Walter Michalec - CFO, Treasurer & Secretary
Geo Murickan - President of Pioneer's eMobility business
Conference Call Participants
Amit Dayal - H.C. Wainwright
Albert Jones - Jones Capital Management
Operator
Greetings and welcome to the Pioneer’s 2023 Third Quarter Financial Results. [Operator Instructions]. As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host Brett Maas from Hayden IR. Thank you Mr. Moss. You may begin.
Brett Maas
Thank you and welcome. The call today is being hosted by Nathan Mazurek, Chairman and Chief Executive Officer, and Walter Michalec, Chief Financial Officer. Following this discussion, there will be a formal Q&A session over the participants on the call. We appreciate the opportunity to review the third quarter financial results and discuss recent business highlights. Before we get started, let me remind you this call is being recorded and webcast.
During the call, management may make forward-looking statements. These statements will be based on the current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to the cautionary text regarding forward-looking statements contained in the earnings release issued earlier today, which applies to the content of the call. I would like to now turn the call over to Nathan Mazurek, Chairman and CEO. Nathan, please go ahead.
Nathan Mazurek
Thank you, Brett. Good morning and thank you all for joining us today. We also have Geo Murickan, President of Pioneer's eMobility business, essentially our eBoost business, on the call as well. The quarter's financial results included a doubling of revenue and strong profitability, demonstrating the value of Pioneer's products and services, as well as a reflection of the underlying strength of our target markets. Revenue of $12.4 million for the third quarter is a record, since divesting our Transformer business in 2019.
Higher sales, lower input costs, and a favorable product mix drove net earnings to $0.10 a share, up from a loss of $0.13 a share a year ago in the third quarter of 2022. We expect to achieve our full-year revenue guidance as well as positive net income for the full year 2023. We also expect to enter 2024 with accelerating momentum and a record backlog and plan to announce more formal guidance for 2024 early in the New Year. Our outdoor compact E-Bloc power solution for the distributed generation market and our e-Boost high-speed mobile electric charging suite of products continue to penetrate new markets and gain additional traction in currently served markets.