Westport Revenues Up, but Losses Deepen

May 09, 2012

Westport Innovations Inc. reported mostly growth in its financial results for the first quarter ended March 31, 2012.

The company reported consolidated revenues of $88.6 million for the quarter ended March 31, 2012 compared to $38.1 million for the same period last year, an increase of 132.5%.

For the three months ended March 31, 2012, gross margin was $28.5 million compared to $17.6 million in the prior year period representing a 61.9% increase. Westport says this is a result of diversifying its revenues among its business units.

The company reported net loss of $22.6 million (a 44-cent loss per share) for the quarter, compared to a net loss of $14.4 million (a 31-cent loss per share) for the same period in 2011.

The companies busness segments all reported growth in revenue. Westport Light-Duty revenue is up 257.7% to $26.7 million, Cummins Westport revenue is up 110.2% to $52.7 million with 1,943 engines shipped and Westport Heavy-Duty revenue is up 64.9% to $9.3 million with 151 systems shipped.