Natural Gas Stocks Alert: Westport Innovations (TSX: WPT) (NASDAQ:WPRT) Reports Earnings
Category: Investment, Energy
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Point Roberts, WA - March 8, 2013 (Investorideas.com newswire, www.naturalgasstocks.com) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research for independent investors issues an investor alert for Westport Innovations Inc. (TSX:WPT) ( NASDAQ:WPRT), following financial results for the fourth quarter and year ended December 31, 2012 reported on the close of yesterday's session.
- Westport revenue plus Cummins Westport Inc. (CWI) revenue for 2012 was $353.6 million exceeding previously stated guidance of $340 to $350 million.
- Westport revenue plus CWI revenue for the quarter ended December 31, 2012 was $82.8 million compared with $100.6 million for the same period last year.
- For the quarter ended December 31, 2012 Westport reported a net loss of $37.6 million or $0.68 per share compared to $14.5 million or $0.30 per share for the same period last year.
- For the year ended December 31, 2012 Westport reported a net loss of $98.8 million or $1.83 per share compared to $60.2 million or $1.26 per share for the same period last year.
- Earnings for the quarter and year ended December 31, 2012 were affected by $5.7 million and $17.1 million, respectively, in warranty adjustments. Without the warranty adjustments, reported net loss would have been $35.2 million or $0.64 per share for the quarter and $92.6 million or $1.71 per share for the year.
- Segment revenue for the year ended December 31, 2012 was: $155.6 million for Westport (growth of 54% year over year); $198.0 for CWI (growth of 21% year-over-year); and $272.1 for Weichai Westport Inc. (WWI) (growth of 148% year over year).
- Revenue outlook for 2013 for Westport plus CWI is between $430 and $460 million, however, CWI financial results will be accounted for under the equity method in the consolidated financial statements. Based on the new reporting presentation, Westport expects consolidated revenue to be between $180 and $200 million , up 16 to 29 percent for 2013. Details of this change in presentation are included below.
- In the fourth quarter of 2012, CWI shipped 1,301 units, On-Road shipped 109 Westport 15L units and 207 Westport WiNGTM Power System units and WWI shipped over 9,000 units.
- Subsequent to quarter end, Westport had entered into two new OEM development programs.
Westport Innovations Inc. is a leading global supplier of proprietary solutions that allow engines to operate on clean-burning fuels such as compressed natural gas (CNG), liquefied natural gas (LNG), hydrogen, and renewable natural gas (RNG) fuels such as landfill gas and help reduce greenhouse gas emissions (GHG). http://www.westport.com/
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