Westport Incurs $9 Million Loss For Second Quarter

November 12, 2009

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Westport Innovations, a Canadian-based supplier of alternative fuel and low-emissions transportation technologies, posted a $9 million net loss for the fiscal second quarter 2010, which the company attributes to investment gains and lower sales volumes in Cummins Westport
. For the year ago period, the company announced net income of $0.7 million, or 2 cents a share.

For the three-month period, the company saw a 19 percent drop in consolidated revenue, which was $31.7 million. During the same quarter of last year, the company's revenue was $39 million. On a U.S. dollar basis, this is a revenue decline of 22 percent, as the Canadian dollar strengthened relative to the U.S. dollar.

Within Cummins Westport, revenue was down $3.2 million to $30.1 million during the quarter, from $33.3 million in the second quarter of fiscal 2009. Fewer shipments to North America were offset by a boost in shipments to Asia, and an increase in parts revenue.

In August, Peterbilt announced it would roll out Model 365 and Model 384 vehicles, which would be powered by the Cummins Westport ISL G.

"Conditions remain very difficult in the commercial vehicle sector worldwide, with the additional factor of a major emissions technology change at the end of this year in the U.S.," said David Demers, CEO of Westport Innovations. "Nevertheless, as recent product announcements by Peterbilt, Mack and Freightliner demonstrate, market interest is growing quickly for natural gas fuelled vehicles such as trucks and buses, as fleets look to reduce fuel price volatility and absolute fuel costs."

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