Canada: Westport Q3 Profit Jumps

Westport Innovations reported financial results for the third quarter ended September 30, 2013 and provided an update on operations. 

Highlights include:

• Westport revenue, excluding joint ventures’ revenues, for the quarter ended September 30, 2013 was $46.5 million compared with $30.7 million for the same period last year, an increase of 51%.
• Westport revenue, excluding joint ventures’ revenues, for the nine months ended September 30, 2013 was $111.4 million compared with $115.7 million for the same period last year.
• Segment revenue for the quarter ended September 30, 2013 was: $20.3 million for Applied Technologies; $17.8 million for On-Road Systems; $8.4 million for Corporate and Technology Investments; $77.5 million for Cummins Westport; and $114.6 million for Weichai Westport Inc.
• Westport revenue plus CWI revenue for the quarter ended and nine months ended September 30, 2013 was $124.0 million and $311.6 million, respectively, compared with $76.2 million and $270.8 million, respectively, for the same period last year.
• In the third quarter of 2013, CWI shipped 2,409 units and WWI shipped 9,080 units.
• For the quarter ended September 30, 2013 Westport reported a net loss of $30.2 million, or $0.53 loss per share, compared with $32.5 million, or $0.59 loss per share, for the same period last year.

Subsequent to the quarter ended September 30, 2013, Westport increased cash balance by $148.2 million through a financing transaction, which closed on October 1, 2013.

“2013 is an exciting transition year for us as we see the continued rapid development of markets for natural gas vehicles,” said David Demers, CEO of Westport. “As natural gas truly begins to penetrate our economy, the benefits of a step change cost in transportation energy will be profound and far-reaching. Westport is moving quickly as we transition from a market creation culture into a full commercial operation. Over the next few years we will be rebalancing our product portfolio and our business model as our OEM partnerships mature and develop.”

“First, in terms of developments in our current portfolio, Cummins Westport’s new ISX12 G is off to a good start this year and we expect very strong growth next year. I think we have the right product at the right time to see a real breakthrough that will establish natural gas as a major fuel for trucks around the world which will be a catalyst for further investment in refueling infrastructure. Furthermore, it is great to see interest building for the Westport iCE PACK™ liquefied natural gas (LNG) Tank system as illustrated in our purchase order announcement earlier today for 900 iCE PACKs over the next two years.”

“We see many of the engine and vehicle OEMs transitioning to natural gas on a vertically-integrated basis and our recently completed equity financing gives us the balance sheet strength to expand our reach into fast developing opportunities where we can create value for our OEM partners and Westport shareholders,” stated Demers.

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LNG World News Staff, October 31, 2013; Image: Westport