Westport Fuel Systems(WPRT)

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Westport to Issue Q3 2024 Financial Results on November 12, 2024
GlobeNewswire News Room· 2024-10-23 12:00
VANCOUVER, British Columbia, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (TSX: WPRT / Nasdaq: WPRT) (“Westport” or “The Company”) announces that the Company will release financial results for the third quarter of 2024 on Tuesday, November 12, 2024, after market close. A conference call and webcast to discuss the financial results and other corporate developments will be held on Wednesday, November 13, 2024. Time: 10:00 a.m. ET (7:00 a.m. PT)Call Link: https://register.vevent.com/register/BI ...
Westport Announces At-the-Market Equity Offering Program
GlobeNewswire News Room· 2024-09-13 21:00
VANCOUVER, British Columbia, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (TSX: WPRT / Nasdaq: WPRT) ("Westport" or "The Company") announces that it has established an at-the-market equity offering program (the "ATM Program") that allows the Company to issue and sell up to US$35,000,000 (or its Canadian dollar equivalent) of common shares of the Company (the "Common Shares") from treasury to the public, from time to time, at the Company's discretion. Distributions of the Common Shares under ...
Westport Fuel Systems: Improved Results But Still No Visible Path To Profitability, Hold
Seeking Alpha· 2024-08-23 04:51
Scharfsinn86 Note: I have covered Westport Fuel Systems Inc. or "Westport" (NASDAQ: WPRT) previously, so investors should view this as an update to my earlier articles on the company. Last week, Westport Fuel Systems reported mixed Q2/2024 results with revenues coming in below and profitability altead of consensus expectations mostly due to a $13.3 million gain resulting from the transfer of the company's High Pressure Direct Injection ("HPD") operations to a recently established joint venture ("the Volvo j ...
Westport (WPRT) Q2 Earnings Beat Estimates, Sales Decline Y/Y
ZACKS· 2024-08-15 14:06
Westport Fuel Systems Inc. (WPRT) incurred a loss of 43 cents per share in the second quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of 55 cents. The company had incurred a loss of 60 cents in the year-ago period. WPRT registered consolidated revenues of $83.4 million, missing the Zacks Consensus Estimate of $86 million. The top line also fell from $85 million generated in the corresponding quarter of 2023. The company delivered an adjusted EBITDA of negative $2 million compared with ...
Westport Innovations (WPRT) Reports Q2 Loss, Tops Revenue Estimates
ZACKS· 2024-08-13 23:15
Core Insights - Westport Innovations (WPRT) reported a quarterly loss of $0.43 per share, better than the Zacks Consensus Estimate of a loss of $0.55, and an improvement from a loss of $0.60 per share a year ago, resulting in an earnings surprise of 21.82% [1] - The company achieved revenues of $88.64 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 2.80% and showing an increase from $85.02 million year-over-year [2] - Westport shares have declined approximately 14.7% year-to-date, contrasting with the S&P 500's gain of 12.1% [3] Earnings Outlook - The future performance of Westport's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - Current consensus EPS estimate for the upcoming quarter is -$0.49 on revenues of $84.68 million, and for the current fiscal year, it is -$2.23 on revenues of $343.44 million [7] Industry Context - The Automotive - Original Equipment industry, to which Westport belongs, is currently ranked in the bottom 22% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5][6]
Westport Fuel Systems(WPRT) - 2024 Q2 - Quarterly Report
2024-08-13 21:04
June 30, 2024 and December 31, 2023 | | | June 30, 2024 | | December 31, 2023 | | --- | --- | --- | --- | --- | | Assets | | | | | | Current assets: | | | | | | Cash and cash equivalents (including restricted cash) | $ | 41,522 | $ | 54,853 | | Accounts receivable (note 6) | | 93,789 | | 88,077 | | Inventories (note 7) | | 56,407 | | 67,530 | | Prepaid expenses | | 6,482 | | 6,323 | | Total current assets | | 198,200 | | 216,783 | | Long-term investments (note 8) | | 45,647 | | 4,792 | | Property, plant and ...
Westport Reports Second Quarter 2024 Financial Results and Revises Segment Reporting
GlobeNewswire News Room· 2024-08-13 21:00
VANCOUVER, British Columbia, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. ("Westport") (TSX:WPRT / Nasdaq:WPRT), a leading supplier of advanced alternative fuel systems and components for the global transportation industry, reported financial results for the second quarter ended June 30, 2024, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated. Over / (Under) 2Q24 2Q23 1H24 1H23 % "In the second quarter of 2024, we remained focused on implementing t ...
Westport to Issue Q2 2024 Financial Results on August 13, 2024
GlobeNewswire News Room· 2024-07-25 23:15
Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details. At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the globa ...
Westport Fuel Systems(WPRT) - 2024 Q1 - Earnings Call Presentation
2024-05-09 19:47
Driving Cleaner Performance Q1 2024 Results Westport Fuel Systems This presentation contains forward-looking statements, including statements regarding, the timing and completion of the joint venture with Volvo, future revenue expectations, timing and production of LPG products with OEM customers, future demand for LPG, future growth in markets, future of our development programs (including those relating to HPDI and Hydrogen), the demand for our products, the future success of our business and technology s ...
Westport Fuel Systems(WPRT) - 2024 Q1 - Earnings Call Transcript
2024-05-09 16:58
Financial Data and Key Metrics Changes - Q1 2024 revenues decreased by 6% year-over-year to $77.6 million, primarily due to decreased volumes in the delayed OEM business [7][29] - Gross margin decreased to $11.7 million or 15% of revenue, down from $13.3 million or 16% of revenue in Q1 of the previous year [30] - Adjusted EBITDA loss increased by $2.1 million to $6.6 million [38] Business Line Data and Key Metrics Changes - OEM revenue for Q1 2024 was $49.3 million, down $7 million compared to the prior year, with sales volumes decreasing in delayed OEM, fuel storage, and light-duty OEM businesses [39] - Independent aftermarket revenue increased to $28.3 million, up $2.4 million year-over-year, driven by sales growth in North America, Western Europe, and South America [33] - Electronics business sales volumes increased, driven by higher sales to a key customer [32] Market Data and Key Metrics Changes - The Chinese natural gas vehicle market expanded to over 100,000 commercial vehicles in 2023, with ongoing collaboration with OEM partners [21] - Sales in Africa and Eastern Europe declined, while sales increased in North America, Western Europe, and South America [33] Company Strategy and Development Direction - The company has established three main priorities for 2024: driving success via the HPDI joint venture with Volvo, improving operational excellence, and reimagining a hydrogen-powered future [8][9] - The HPDI joint venture with Volvo is expected to accelerate the commercialization of Westport's fuel system for long-haul and off-road applications [10] - The company is focusing on cost-cutting measures across all levels to ensure sustainable growth and profitability [11][12] Management's Comments on Operating Environment and Future Outlook - Management noted that while Q1 revenues were disappointing, they are optimistic about a recovery in Q2, aligning with seasonal trends [80] - The company is well-positioned to benefit from increasing government support for hydrogen as a fuel source, particularly in North America and Europe [14][15] - Management emphasized the importance of managing inventory and working capital effectively to enhance liquidity [48][49] Other Important Information - The company incurred $1.5 million in one-time expenses related to severance and costs associated with setting up the joint venture [31] - The company is restructuring its presence in India to improve cash flow generation [12] Q&A Session Summary Question: Can you talk about customer inventories and sell-through? - Management indicated that they are seeing an increase in sell-through as a key customer works through excess inventory, with orders expected to ramp up in the latter half of the quarter [47] Question: How big an opportunity is there to generate cash from working capital? - Management acknowledged significant progress in improving working capital and reducing receivables, with inventory reduction being a key focus area [49] Question: What are the commitments from the Chinese OEM partner? - Currently, there are no production orders, but development orders are ongoing, and management is optimistic about future production orders [57][109] Question: What underpins the $70 million revenue expectation from hydrogen components? - The expectation is based on ongoing development projects with Tier 1 suppliers, with increasing production purchase orders anticipated as the hydrogen ecosystem evolves [58][60] Question: How is the company managing cost reductions? - Management is implementing aggressive cost-cutting measures across the organization, with a focus on aligning costs with current business size while also aiming for top-line growth [68][69] Question: What is the timeline for organizational restructuring? - Corporate cost-cutting is expected to show benefits by year-end, while operational cost reductions will take longer to implement effectively [99]