Westport Revenues Up, but Losses Deepen

May 9, 2012

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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.

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