Natural gas engine and vehicle manufacturer Westport Innovations Inc. on Monday released earnings for the final quarter of last year and all of 2014 showing it lost less money in both periods while revenue declined.
Westport Innovations Trims Financial Losses Slightly
Natural gas engine and vehicle manufacturer Westport Innovations Inc. on Monday released earnings for the final quarter of last year and all of 2014 showing it lost less money in both periods while revenue declined.
The Canada-based company reported a net loss of $64.9 million in the final quarter, or $1.02 per share, an improvement of 27% and 28%, respectively, compared to the same time a year earlier. Revenues during the period fell 48% to $27.4 million.
Westport posted a 2014 net loss of $149.6 million, or $2.37 per share, 19% and a 26% less, respectively, compared to 2013.
In a release, the company noted total revenue exceeded $1 billion annually for the first, what it called “a significant milestone for both Westport and the natural gas engine and vehicle industry.” Westport said the improvement in net loss for the quarter and for all of 2014 was primarily due to increases in consolidated gross margin and joint ventures’ income, combined with a reduction in operational expenses.
During the fourth quarter, in North America, a joint venture with the engine maker Cummins, known as Cummins Westport, saw unit volume increase by 28% year-over-year, driven primarily by strong growth in trucking and bus applications, which are up 41% and 40%, respectively, over the same period in 2013, according to Westport.
"Despite volatile energy markets in 2014, market interest in alternative fuels continues to grow in many parts of the world," said David Demers, CEO. " Our joint ventures posted record annual revenue with over 61,000 combined units sold during the year, representing approximately 2.7% of the global medium- and heavy-duty on-road engines sold in 2014."
As the end of 2014, Westport reported cash, cash equivalents, and short-term investment balance was $94 million. It said its primary motivation is to get the company to breakeven from a cash flow stance as soon as possible.
“Westport has a number of choices that can be made around investments and other research and development programs that will expedite this process. Additionally, Westport has a number of strategic alternatives to help reduce core expenses and cash burn and maintains the ability to divest certain non-core assets,” the company said in a statement.
More details on the Westport Innovations financial performance are available on its website.
More Equipment

SAF-Holland Redesigns Suspension Slider to Save Weight in On-Highway Trailers
SAF-Holland reengineered the UltraLite40 Slider for the ULX40 Mechanical Sliding Suspension and Axle System to reduce weight, improve durability, extend trailer life, and increase payload efficiency.
Read More →
Volvo Teases Next-Gen VNX as Platform Expansion Continues at TMC
Volvo Trucks North America highlighted new connectivity, safety tech and production investments at TMC. The OEM also signaled that a new heavy-haul flagship tractor is coming soon.
Read More →
SAF-Holland Introduces SmartSto System for Safer Tractor-Trailer Uncoupling
The system combines a fifth-wheel air release with stowage for air and electrical connections, helping prevent damage and reducing driver injury risk.
Read More →
SAF-Holland’s BrakeSight Aims to Take the Guesswork Out of Air Disc Brake Maintenance
New Haldex sensor technology from SAF-Holland integrates with telematics systems to give fleets continuous insight into air disc brake condition.
Read More →
Vanair Introduces Solar, Battery Power Ecosystem for Class 8 Trucks
The company’s expanded EPEQ ecosystem includes flexible solar panels, lithium batteries, hydraulic power systems, and a portable fast charger for electric trucks.
Read More →
Phillips Connect Expands Smart Trailer Platform with New Safety, Cargo and Equipment Intelligence
Phillips Connect Smart Trailer enhancements give fleets deeper operational insights from trailers -- even when another provider supplies basic GPS tracking.
Read More →
Accuride Unveils ProShield XGT Aluminum Wheel Coating at TMC
Accuride’s patent-pending surface-coating technology targets filiform corrosion and promises easier cleaning, longer-lasting gloss, and greater durability for aluminum truck wheels.
Read More →
Valvoline, Cummins Extend X15 Oil Drain Intervals to 100,000 Miles
New approval for Valvoline Premium Blue One Solution Gen2 allows fleets running Cummins X15 engines to extend oil drain intervals by up to 25,000 miles -- reaching intervals as high as 100,000 miles.
Read More →
A New Approach to Lighting Reliability
Peterson’s Genesis lighting system and repairable J560 connector target two persistent fleet problems: LED light failures and costly electrical connector downtime.
Read More →
The Hidden Cost of Delaying Truck Replacement
Many fleets extended truck replacement cycles during recent market disruptions. But holding equipment too long can lead to higher repair costs, longer downtime, and new operational risks.
Read More →
