Westport Innovations, which provides alternative fuel, low-emissions transportation technologies, came out of the third quarter of fiscal 2010 with a boost in revenue from strong Cummins Westport shipments and a narrower net loss compared to the year-ago quarter.
Westport said revenue was up 24 percent to $38.4 million from $31.1 million in the same quarter in the prior year because of higher shipments of CWI engines and higher parts revenue. The company had a record quarter for Cummins Westport revenue with 1,162 natural gas engines for total revenue, including parts, of $34.8 million. CWI parts revenue increased from $5.6 million to $7 million, or 25 percent, with a one-time adjustment of $0.7 million arising from CWI negotiating new annual pricing on certain parts.
However, the company still posted a net loss for the quarter of $7.3 million, or 21 cents a share, versus a net loss of $8.9 million, or 28 cents a share, for the year-ago period.
"This was a pivotal quarter for Westport with strong revenue growth, a successful financing and an agreement to develop natural gas engines with a global brand in Volvo," said David Demers, Westport's CEO. "Westport builds its strength through teamwork and a cornerstone partnership was announced in the third quarter with Volvo to become a Tier 1 Development Supplier for its heavy duty natural gas engines.
"Adding to the excitement with Volvo, Westport added $57.5 million to its balance sheet and reported a cash and short-term investment balance of over $107 million as at December 31, 2009. Our capital position and the globalization of natural gas engine technology provide a launch pad for new products in new markets while helping build Westport through sales and strategic partnerships and potential acquisitions."
Westport said revenue was up 24 percent to $38.4 million from $31.1 million in the same quarter in the prior year because of higher shipments of CWI engines and higher parts revenue. The company had a record quarter for Cummins Westport revenue with 1,162 natural gas engines for total revenue, including parts, of $34.8 million. CWI parts revenue increased from $5.6 million to $7 million, or 25 percent, with a one-time adjustment of $0.7 million arising from CWI negotiating new annual pricing on certain parts.
However, the company still posted a net loss for the quarter of $7.3 million, or 21 cents a share, versus a net loss of $8.9 million, or 28 cents a share, for the year-ago period.
"This was a pivotal quarter for Westport with strong revenue growth, a successful financing and an agreement to develop natural gas engines with a global brand in Volvo," said David Demers, Westport's CEO. "Westport builds its strength through teamwork and a cornerstone partnership was announced in the third quarter with Volvo to become a Tier 1 Development Supplier for its heavy duty natural gas engines.
"Adding to the excitement with Volvo, Westport added $57.5 million to its balance sheet and reported a cash and short-term investment balance of over $107 million as at December 31, 2009. Our capital position and the globalization of natural gas engine technology provide a launch pad for new products in new markets while helping build Westport through sales and strategic partnerships and potential acquisitions."
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