Company Performance - Westport Innovations reported a quarterly loss of $0.22 per share, better than the Zacks Consensus Estimate of a loss of $0.41, and an improvement from a loss of $0.68 per share a year ago, representing an earnings surprise of 46.34% [1] - The company posted revenues of $66.25 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 0.94%, and down from $77.39 million year-over-year [2] - Over the last four quarters, Westport has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Outlook - Westport shares have declined approximately 39.4% since the beginning of the year, contrasting with the S&P 500's gain of 25.8% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.26 on revenues of $73.57 million, and for the current fiscal year, it is -$1.12 on revenues of $302.84 million [7] Industry Context - The Automotive - Original Equipment industry, to which Westport belongs, is currently ranked in the bottom 26% 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 impact investor sentiment and stock performance [5]

Revenue Performance - Revenue for Q3 2024 was $66,251,000, a decrease of 14.3% compared to $77,391,000 in Q3 2023[4] - For the three months ended September 30, 2024, total revenue was $66,251, a decrease from $77,391 in the same period of 2023, representing a decline of approximately 14.6%[65] - For the nine months ended September 30, 2024, total consolidated revenue was $227,211, down from $244,653 in 2023, reflecting a decrease of approximately 7.1%[66] - The Light-Duty segment generated revenue of $61,466 for the three months ended September 30, 2024, compared to $60,181 in 2023, indicating a growth of 2.1%[65] - The Light-Duty segment's revenue for the nine months ended September 30, 2024, was $194,171, an increase from $200,329 in 2023, showing a decline of 3.1%[66] - Cespira, a joint venture with Volvo, reported revenue of $16,209 for the three months ended September 30, 2024, with an operating loss of $5,257[65] Net Loss and Improvements - Net loss for Q3 2024 was $3,868,000, compared to a net loss of $11,937,000 in Q3 2023, representing a 67.7% improvement[4] - For the three months ended September 30, 2024, Westport Fuel Systems reported a net loss of $3,868,000, compared to a net loss of $11,937,000 for the same period in 2023, representing a 68.7% improvement[7] - The company reported a comprehensive loss of $2,500,000 for Q3 2024, compared to a comprehensive loss of $15,364,000 in Q3 2023, indicating a significant reduction in losses[4] - The company incurred an operating loss of $16,689,000 during the nine months ended September 30, 2024, compared to a loss of $35,772,000 in the same period of 2023, indicating a 53.3% reduction in losses[7] - The total consolidated operating loss for the three months ended September 30, 2024, was $1,042, a significant improvement from the operating loss of $12,131 in the same period of 2023[65] Assets and Liabilities - Total assets decreased to $311,634,000 as of September 30, 2024, down from $355,748,000 at the end of 2023, a decline of 12.4%[2] - Current liabilities decreased to $110,721,000 as of September 30, 2024, down from $134,837,000 at the end of 2023, a reduction of 17.9%[2] - Total shareholders' equity decreased to $149,292,000 as of September 30, 2024, down from $160,448,000 at the end of 2023, a decrease of 6.9%[2] - Cash and cash equivalents decreased to $33,257,000 as of September 30, 2024, down from $54,853,000 at the end of 2023, a decline of 39.4%[2] - Cash and cash equivalents at the end of the period were $33,257,000, down from $43,967,000 at the end of September 2023, reflecting a decrease of 24.4%[7] - As of September 30, 2024, the company's total debt was $38,743,000, with $15,260,000 classified as current liabilities[15] - The company’s long-term investments totaled $41,322 thousand as of September 30, 2024, compared to $4,792 thousand at December 31, 2023[32] - The company fully repaid its revolving financing facility of $20,000 as of September 30, 2024, which was previously secured by certain receivables[40] Cash Flow and Operating Activities - The company generated net cash used in operating activities of $9,933,000 for the three months ended September 30, 2024, compared to $11,937,000 for the same period in 2023[7] - The company is facing inflationary pressures on production input costs, which are impacting margins, particularly due to increased costs for semiconductors and raw materials[16] - Management is focusing on initiatives to reduce working capital and improve profitability, with expectations of meaningful collections from accounts receivable and a reduction in inventory levels[17] Share Issuance and Stock-Based Compensation - The company issued 90,362 common shares on the exercise of share units during the nine months ended September 30, 2024[5] - The company issued 90,362 common shares during the nine months ended September 30, 2024, compared to 44,656 shares during the same period in 2023, indicating a significant increase in share issuance[50] - The company recognized a stock-based compensation expense of $1,352 for the nine months ended September 30, 2024, compared to $1,238 for the same period in 2023, showing an increase of approximately 9.2%[52] Inventory and Receivables - The total inventory as of September 30, 2024, was $66,322 thousand, slightly down from $67,530 thousand at December 31, 2023, reflecting a decrease of about 1.8%[31] - The company reported customer trade receivables of $51,306 thousand as of September 30, 2024, down from $83,175 thousand at December 31, 2023, indicating a decrease of approximately 38.4%[30] - Westport Fuel Systems reported a significant increase in accounts receivable, totaling $13,977,000 for the three months ended September 30, 2024, compared to $2,877,000 in the same period of 2023, marking a 385.5% increase[7] Debt and Liabilities - The company’s long-term debt decreased to $38,743, down from $45,065 as of December 31, 2023, representing a reduction of approximately 14.5%[41] - The current portion of long-term debt increased to $15,260 as of September 30, 2024, compared to $14,108 at the end of 2023, indicating a rise of approximately 8.2%[41] - The warranty liability decreased to $5,395 as of September 30, 2024, from $8,506 at the end of 2023, reflecting a reduction of approximately 36.5%[49] Joint Ventures and Investments - The company recognized a loss from investment accounted for by the equity method of $3,001 thousand and $4,104 thousand for the three and nine months ended September 30, 2024, respectively, related to its investment in Cespira[32] - The company contributed $32,728 thousand of property, plant, and equipment as part of the formation of the joint venture Cespira[34] - Cash proceeds from the joint venture agreement with Volvo Group amounted to $27,328 thousand, with a total gain on deconsolidation of $13,266 thousand[29] Accounting and Financial Standards - The company expects the recently issued accounting standards to impact disclosures but not its operations, cash flows, or financial position[24] - The average remaining lease term for the company's operating leases is approximately seven years, with a present value of operating lease liabilities at $20,437 thousand[38] Interest Rate Swaps - The total notional value of interest rate swaps as of September 30, 2024, was $25,711, with $15,868 related to UniCredit and $9,843 related to Deutsche Bank[47] - The fair value of interest rate swaps decreased to $204 as of September 30, 2024, from $822 at the end of 2023[47]

VANCOUVER, British Columbia, Nov. 12, 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 third quarter ended September 30, 2024, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated. “Westport delivered solid results in the third quarter of 2024. Although revenue was down, this decrea ...

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 ...

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 ...

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 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 Fuel Systems Inc. (NASDAQ:WPRT) Q2 2024 Earnings Call August 14, 2024 10:00 AM ET Company Participants Ashley Nuell - Vice President, Investor Relations Dan Sceli - Chief Executive Officer and Director Bill Larkin - Chief Financial Officer Conference Call Participants Eric Stine - Craig-Hallum Chris Dendrinos - RBC Capital Markets Colin Rusch - Oppenheimer & Company Rob Brown - Lake Street Capital Markets Jeff Osborne - TD Cowen Operator Good day and thank you for standing by. Welcome to the Westpo ...

Westport Innovations (WPRT) came out with a quarterly loss of $0.43 per share versus the Zacks Consensus Estimate of a loss of $0.55. This compares to loss of $0.60 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 21.82%. A quarter ago, it was expected that this maker of natural-gas engine technology would post a loss of $0.55 per share when it actually produced a loss of $0.79, delivering a surprise of -43.64%. Over the last ...

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 ...