Westport Innovations, the global leader in natural gas engines, reported financial results for the second quarter ended June 30.
Second Quarter Financial and Business Highlights
“Key segments of the transport market have begun the inevitable shift from petroleum based fuel to engines powered by cleaner burning, low cost methane (natural gas), and Westport has a substantial presence in each market,” said David Demers, CEO of Westport Innovations. “We are seeing strong growth in all segments and in all of our global markets, and despite challenging macroeconomic conditions, we expect this to accelerate as new infrastructure comes onstream over the next two years and as we launch new products, opening up significant new addressable markets. At this point, we are reiterating our 2012 revenue guidance of approximately 50% growth, on a consolidated basis.”
“The global demand for Westport’s and its joint venture’s products is growing significantly. As a result of the increase in demand, we have doubled the plant capacity in the Weichai Westport facility to be able to produce up to 40,000 engines annually. Seeing a similar growth profile in demand for our Westport LD products in North America, we have recently announced the completion of an assembly center in Kentucky with an annual production capacity of up to 20,000 Westport™ WiNG systems.”
“Our second quarter was highlighted by major partnership announcements with Caterpillar, Volvo and GM and by the start of production of our Ford F-250/F-350 Westport WING products in Louisville. Our expansion in OEM relationships and platform capabilities in high-horsepower will provide both challenges and opportunities for additional revenue streams. We have been heavily investing in product development with our partners in heavy-duty, and these programs are moving closer to launch with evident customer interest. We have increased our focus on collaboration with fuel providers to ensure infrastructure construction and fleet customers plans are optimized. We are still at the very early stages of preparing for this shift to methane, but the evident success to date gives us confidence in the long-term trend ahead.”
[mappress] LNG World News Staff, August 06, 2012