Westport Innovations Earnings: Here’s Why Shares are Down Now
Westport Innovations Inc. (NASDAQ:WPRT) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 0.07%.
Westport Innovations Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.57 in the quarter versus EPS of $-0.44 in the year-earlier quarter.
Revenue: Decreased 66.03% to $30.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Westport Innovations Inc. reported adjusted EPS loss of $0.57 per share. By that measure, the company missed the mean analyst estimate of $-0.48. It missed the average revenue estimate of $38.93 million.
Quoting Management: “As expected, our first quarter of 2013 was a transition period with remnant effects from soft market conditions at the end of 2012, and the impact on timing and recognition of service revenue and opportunities in our On-Road Systems business,” said David Demers , CEO of Westport. “We are expecting a step change in growth over the course of this year and remain confident the market for natural gas as a fuel in trucking is here and now – not five or ten years down the road. With the launch of so many new truck models with the new Cummins Westport ISX12 G engine, we see strong customer demand going forward alongside our new WestportTM LNG Tank System. At the same time, the change in infrastructure availability year-over-year has been impressive, and more is on the way. Our Westport WiNGTM products have established a market leading position for performance, quality and value. We are expanding that offering into the larger F-450/550 models, and will be producing in Canada for the Canadian market in June.”
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