Pioneer Power Solutions, Inc. (PPSI) saw its loss widen to $1.65 million, or $0.19 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $1.29 million, or $0.18 a share. On the other hand, adjusted net income for the quarter stood at $1.84 million, or $0.21 a share compared with $1.34 million or $0.15 a share, a year ago.

Revenue during the quarter grew 8.62 percent to $28.51 million from $26.25 million in the previous year period. Gross margin for the quarter contracted 218 basis points over the previous year period to 21.04 percent. Operating margin for the quarter stood at negative 5.56 percent as compared to a negative 4.56 percent for the previous year period.

Operating loss for the quarter was $1.59 million, compared with an operating loss of $1.20 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $2.56 million compared with $1.85 million in the prior year period. At the same time, adjusted EBITDA margin improved 191 basis points in the quarter to 8.97 percent from 7.06 percent in the last year period.

Nathan Mazurek, Pioneer's chairman and chief executive officer, said, "This was a highly successful year for Pioneer, benefitting from our continued penetration of fast-growing market segments and our ongoing initiatives to consolidate operations and enhance margins. We delivered a $7.4 million improvement in operating income, and annual adjusted EBITDA was well within our guidance range. In total, we grew our adjusted EBITDA by approximately $5 million for the year, a stable baseline from which we plan to deliver continued profitable growth. These improvements exclude any contribution from the oil and gas sector. We increased sales by 7.4% driven by our growing service business, expanded presence in emerging market segments like distributed generation/microgrid and the incremental contribution from data center equipment customers and other new customers. Looking toward 2017, we expect to see the benefit of increased infrastructure spending, such as Keystone and Dakota pipelines, high-speed electric rail projects and other mass transit projects, and seaport expansion, on top of our solid base of business, we anticipate a meaningful increase in profitability in 2017."

For financial year 2017, Pioneer Power Solutions, Inc. projects revenue to be in the range of $120 million to $127 million. The company expects net income to be in the range of $3.50 million to $4.10 million. It company forecasts diluted earnings per share to be in the range of $0.40 to $0.47. The company forecasts diluted earnings per share to be in the range of $0.83 to $0.91 on adjusted basis.