Westport Innovations, the global leader in natural gas engines, reported financial results for the third quarter ended September 30, 2012 and provided an update on operations.
Third Quarter and Year to Date Highlights
“The overall market for natural gas transportation is developing with more infrastructure in place by the end of this year end and key product launches for the industry, such as the Cummins Westport ISX12 G, edging closer,” said David Demers, CEO of Westport Innovations Inc.
“We expect to launch a portfolio of new products ranging from automotive and trucking to off-road applications over the next few quarters from a broad variety of OEMs. Our Ford F-250/350 program and Westport™ WiNG Power System is in full production now which positions us with a new product line with strong prospects for growth.”
“We may have changed our near-term and annual revenue expectations, however, recent announcements to bring a new Cummins Westport 6.7-litre engine to market, targeting school buses, and an innovative new engine with Tata, also prove the thesis that virtually all segments of the transportation market will see significant opportunity for natural gas this decade,” continued Demers.
“While new markets evolve, our North American heavy-duty business is seeing repeat orders from customers such as UPS who’ve ordered 21 additional liquefied natural gas (LNG) tractors with Westport high pressure direct injection (HPDI). Finally, our programs with Caterpillar to jointly develop LNG as a fuel in mining truck and locomotive operations are off to a strong start. We are seeing high levels of interest from customers in these high fuel use industries.”
“We have a strong balance sheet and our asset-light business model allows us to remain competitively positioned. We will continue to invest in key products and markets that will help provide new revenue streams and distribution channels to maintain our dominant market share.”
[mappress] LNG World News Staff, November 09, 2012