While happy to own Fuel Systems Solutions (FSYS) we took profits on this name after a long standing limit order hit [Oct 28: 2008: Bookkeeping - Limit Order Hit for Fuel Systems Solutions], and we experienced a spike in price the very next session [Oct 29, 2009: Bookkeeping - Selling Most Fuel Systems Solutions on Spike] , and are just sitting with a tiny 0.1% exposure. So correct assessment of a company, bad timing in terms of lacking exposure - we normally cut back ahead of earnings either way, but since the stock had broken below its 50 day moving average we were at our lowest possible exposure. Obviously technical analysis is moot around important news events. As I type the stock is up 23%...
Either way, very impressive results; 77 cents per share excluding one time items, 34 cents better than expectations on only 10% year over year revenue growth. Obviously they can now raise guidance for fiscal 2009 - which they have: $416-425M v $379M consensus. Gross margins target 30-32%; operating margins 14-16%.
I'll update this post shortly with more color on the earnings
Long Fuel Systems Solutions in fund; no personal position