Business
Westport Reports First Quarter Fiscal 2014 Financial Results
~ First Quarter Revenue Up 39% Year over Year; Step Change Improvement in Westport Operatin...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n\n\n~ First Quarter Revenue Up 39% Year over Year; Step Change Improvement\n in Westport Operating Business Units' Adjusted EBITDA ~\n\n\nVANCOUVER, May 1, 2014 /CNW/ - Westport Innovations Inc. (TSX:WPT /\n NASDAQ:WPRT), engineering the world's most advanced natural gas engines\n and systems, today reported financial results for the first quarter\n ended March 31, 2014 and provided an update on operations. All figures\n are in U.S. dollars unless otherwise stated.\n\n\nHighlights include:\n\n\nRevenue & Net Results\n\n\n\nWestport revenue, excluding joint ventures' revenues, for the quarter\n ended March 31, 2014 was $41.9 million compared with $30.1 million for\n the same period last year, an increase of 39%.\n\n\nJoint venture segment revenue for the quarter ended March 31, 2014 was\n $80.1 million for Cummins Westport Inc. (CWI), an increase of 79% over\n the same period last year; and $113.4 million for Weichai Westport Inc.\n (WWI), an increase of 7% over the same period last year.\n\n\nWestport consolidated net loss and net loss per share for the quarter\n ended March 31, 2014 decreased to $23.9 million and $0.38,\n respectively, from $31.8 million, and $0.57, respectively in 2013.\n\n\n\nAdjusted EBITDA (The reconciliation of Adjusted EBITDA is described\n below)\n\n\n\nFor the quarter ended March 31, 2014, Westport reported an Adjusted\n EBITDA loss from operations of $1.6 million compared with an Adjusted\n EBITDA loss from operations of $8.7 million for the quarter ended March\n 31, 2013, an improvement of approximately 81% year-over-year.\n\n\nFor the quarter ended March 31, 2014, Westport reported a consolidated\n Adjusted EBITDA loss of $22.1 million for the Company, compared with a\n loss of $26.3 million in the prior year period.\n\n\n\nAs previously announced, Westport re-organized its business in 2013 to\n take advantage of the shift by original equipment manufacturers (OEMs)\n to develop natural gas vehicle products in-house. Westport's operating\n business units have the goal of achieving positive Adjusted EBITDA from\n operations by the end of 2014. The $1.6 million loss is a step change\n in Adjusted EBITDA, which has averaged about a $9.4 million loss per\n quarter for the past eight quarters. This has been achieved through\n significant organizational efficiencies, product portfolio optimization\n a...