Natural-gas equipment company Westport Innovations Inc. said it narrowed its fiscal loss in the third quarter of 2013, which it called a “transition year,” while its joint venture with Cummins Inc. saw its profit increase.
Westport reported a $30.2 million loss in the third quarter, or 53 cents a share, compared with $32.5 million, or 59 cents, a year earlier. Revenue grew 51% to $46.5 million.
“2013 is an exciting transition year for us as we see the continued rapid development of markets for natural-gas vehicles,” Westport CEO David Demers said in an Oct. 30 statement. “As natural gas truly begins to penetrate our economy, the benefits of a step change in cost in transportation energy will be profound and far-reaching.”
Cummins Westport Inc., the joint venture that produces natural-gas truck engines, earned $7.9 million in the quarter, compared with $7 million last year, Westport said. Its revenue was $77.5 million, a 70% increase over 2012’s $45.5 million.
Demers said Cummins Westport’s 12-liter truck engine, which went on sale this year, is “off to a great start,” and it expects strong sales next year. “I think we have the right product at the right time to see a real breakthrough that will establish natural gas as a major fuel for trucks around the world, which will be a catalyst for further investment in refueling infrastructure.”
Cummins Westport shipped 2,409 engines in the third quarter, a 52% increase over last year.
