Overview
Westport Q3 revenue declines but beats analyst expectations
Company ends Q3 with $33.1 mln in cash, enhancing liquidity
Outlook
Company did not provide specific guidance for future quarters or full year in its press release
Result Drivers
LIGHT-DUTY DIVESTITURE - Revenue decline due to planned divestiture of Light-Duty segment, allowing focus on core heavy-duty systems
GROSS MARGIN IMPROVEMENT - Gross margin increased to 31% from 14% due to higher margin engineering services revenue
CESPIRA GROWTH - Cespira joint venture deliveries increased, supported by aftermarket sales growth and easing supply chain constraints
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$1.6 mln
$1.12 mln (5 Analysts)
Q3 EPS
-$0.79
Q3 Net Income
-$13.7 mln
Q3 Adjusted EBITDA
Beat
-$5.9 mln
-$6.03 mln (4 Analysts)
Q3 EBITDA
-$12.8 mln
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the auto, truck & motorcycle parts peer group is "buy"
Press Release:
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