Wesport Innovation Reports Revenues up 39% in First Quarter
Westport Innovations Inc. (TSX:WPT / NASDAQ:WPRT), engineering advanced natural gas engines and systems, has reported financial results for the first quarter, a period in which revenue, excluding joint ventures’ revenues, was $41.9 million compared with $30.1 million for the same period last year, an increase of 39%.
Joint venture segment revenue for the quarter ended March 31, 2014 was $80.1 million for Cummins Westport Inc. (CWI), an increase of 79% over the same period last year; and $113.4 million for Weichai Westport Inc. (WWI), an increase of 7% over the same period last year.
Westport consolidated net loss and net loss per share for the quarter ended March 31, 2014 decreased to $23.9 million and $0.38, respectively, from $31.8 million, and $0.57, respectively in 2013.
As previously announced, Westport re-organized its business in 2013 to take advantage of the shift by original equipment manufacturers (OEMs) to develop natural gas vehicle products in-house.
Category: General Update
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