Business
Westport Reports Third Quarter Fiscal 2014 Financial Results
~ Westport Reiterates Revenue Guidance for 2014; Net Income Improved 16%; Takes Immediate A...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n\n\n~ Westport Reiterates Revenue Guidance for 2014; Net Income Improved\n 16%; Takes Immediate Action Reducing Staff and Prioritizing\n Investments; Executives Accept Reduced Salaries ~\n\n\nVANCOUVER, Oct. 30, 2014 /CNW/ - Westport Innovations Inc. (TSX:WPT /\n NASDAQ:WPRT), engineering the world's most advanced natural gas engines\n and vehicles, today reported financial results for the third quarter\n ended September 30, 2014 and provided an update on operations. All\n figures are in U.S. dollars unless otherwise stated.\n\n\nFinancial Highlights Include:\n\n\nRevenue & Net Results\n\n\n\nWestport revenue, excluding joint ventures' revenues, for the quarter\n ended September 30, 2014 was $25.3 million compared with $46.5 million\n for the same period last year, a decrease of 46%. For the quarter ended\n September 30, 2014, service and other revenue was $2.5 million compared\n with $9.9 million in the same period last year. Excluding service\n revenue and revenue from the first generation Westport high pressure\n direct injection (Westport™ HPDI) system, Westport revenue for the\n quarter ended September 30, 2014 and 2013 was $22.4 million and $29.3\n million, respectively, a decrease of 24%. The reduction is primarily\n due to:\n\n\n\nTiming of service revenue;\n\n\nCompetition from gasoline- and diesel-fueled vehicles due to the\n decrease in petroleum-based fuel pricing;\n\n\nGeopolitical instability in key growth markets and;\n\n\nDiscontinuation of the first generation Westport™ HPDI system sales in\n prior year period.\n\n\n\nWestport revenue, excluding joint ventures' revenues, for the nine\n months ended September 30, 2014 was $103.2 million compared with $111.4\n million for the same period last year, a decrease of 7% (see\n Presentation Change note below).\n\n\nJoint venture segment revenue for the quarter ended September 30, 2014\n was $179.3 million for Weichai Westport Inc. (WWI), compared with\n $114.6 million the same period last year, an increase of 56%; and $70.6\n million for Cummins Westport Inc. (CWI), compared with $77.5 million in\n the same period last year, a decrease of 9%.\n\n\nJoint venture segment revenue for the nine months ended September 30,\n 2014 was $425.7 million for WWI, compared with $373.0 million the same\n period last year, an increase of 14%; and $230.2 million for ...