Westport Q3 Earnings Beat Expectations, Revenues Decline Y/Y

Core Insights - Westport Fuel Systems Inc. (WPRT) reported a loss of 22 cents per share in Q3 2024, which is an improvement compared to the Zacks Consensus Estimate of a loss of 41 cents and a loss of 68 cents in the same quarter last year [1][2] Financial Performance - The company registered consolidated revenues of $66.2 million, missing the Zacks Consensus Estimate of$67 million and down from $77.4 million in Q3 2023 [2] - Adjusted EBITDA loss was$0.8 million, an improvement from a loss of $3 million in the year-ago period [2] Segmental Performance - **Cespira**: Reported net sales of$16.2 million with an operating loss of $5.3 million in Q3 2024 [3] - **Light-Duty**: Net sales increased to$61.5 million from $60.2 million in Q3 2023, surpassing estimates of$53.2 million. The segment achieved an operating income of $2.4 million, compared to an operating loss of$3 million in the previous year [4][5] - High-Pressure Controls and Systems: Net sales fell to $1.6 million from$3.7 million year-over-year, missing estimates of $3 million. The segment incurred an operating loss of$1.2 million, wider than the previous year's loss of $0.4 million [6][7] - **Heavy-Duty OEM**: Net sales totaled$3.1 million, down from $13.5 million in the year-ago quarter, missing estimates of$11.4 million. The segment reported an operating income of $0.9 million, compared to a loss of$3.7 million in the previous year [8][9] - Corporate: Reported an operating loss of $1 million, improved from a loss of$5 million in the year-ago period [9] Financial Position - As of September 30, 2024, the company had cash and cash equivalents of $33.26 million, down from$54.85 million at the end of 2023. Long-term debt decreased to $23.5 million from$30.96 million as of December 31, 2023 [10]