Business
Westport Reports Third Quarter Fiscal 2013 Financial Results
~ Quarterly Revenues Up 51% Year over Year; Westport Maintains Annual Revenue Outlook ~ ...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n\n\n~ Quarterly Revenues Up 51% Year over Year; Westport Maintains Annual\n Revenue Outlook ~\n\n\nVANCOUVER, Oct. 30, 2013 /CNW/ - Westport Innovations Inc. (TSX:WPT /\n NASDAQ:WPRT), the global leader in natural gas engines, today reported\n financial results for the third quarter ended September 30, 2013 and\n provided an update on operations. All figures are in U.S. dollars\n unless otherwise stated.\n\n\nHighlights include:\n\n\n\nWestport revenue, excluding joint ventures' revenues, for the quarter\n ended September 30, 2013 was $46.5 million compared with $30.7 million\n for the same period last year, an increase of 51%.\n\n\nWestport revenue, excluding joint ventures' revenues, for the nine\n months ended September 30, 2013 was $111.4 million compared with $115.7\n million for the same period last year.\n\n\nSegment revenue for the quarter ended September 30, 2013 was: $20.3\n million for Applied Technologies; $17.8 million for On-Road Systems;\n $8.4 million for Corporate and Technology Investments; $77.5 million\n for Cummins Westport Inc. (CWI); and $114.6 million for Weichai\n Westport Inc. (WWI).\n\n\nWestport revenue plus CWI revenue for the quarter ended and nine months\n ended September 30, 2013 was $124.0 million and $311.6 million,\n respectively, compared with $76.2 million and $270.8 million,\n respectively, for the same period last year.\n\n\nIn the third quarter of 2013, CWI shipped 2,409 units and WWI shipped\n 9,080 units.\n\n\nFor the quarter ended September 30, 2013 Westport reported a net loss of\n $30.2 million, or $0.53 loss per share, compared with $32.5 million, or\n $0.59 loss per share, for the same period last year.\n\n\nSubsequent to the quarter ended September 30, 2013, Westport increased\n cash balance by $148.2 million through a financing transaction, which\n closed on October 1, 2013.\n\n\n\n\"2013 is an exciting transition year for us as we see the continued\n rapid development of markets for natural gas vehicles,\" said David\n Demers, CEO of Westport. \"As natural gas truly begins to penetrate our\n economy, the benefits of a step change cost in transportation energy\n will be profound and far-reaching.  Westport is moving quickly as we\n transition from a market creation culture into a full commercial\n operation. Over the next few years we will be rebalancing our product\n portf...