Westport Reports First-Quarter Loss
Westport Innovations, which makes natural-gas engines for trucking in a venture with Cummins Inc., reported a first-quarter loss. Revenue, however, rose 39%.
The Vancouver, British Columbia, company lost $23.9 million, or 38 cents a share, compared with a loss of $31.8 million, or 57 cents, a year ago.
Revenue increased to $41.9 million from $30.1 million the same quarter last year. The company said it shipped 2,480 Cummins Westport engines in the quarter and 9,172 engines Weichai Westport engines in China.
“We have a comprehensive product-investment program, collaborating with key global OEMs to launch major new products, resulting in increased sales while reducing investment expenses over the next several years. At the same time, we are continuing to reduce our operating costs and prudently manage our cash flow,” Westport CEO David Demers said in a statement.
The company said it expects revenue for 2014 to be between $175 million and $185 million.
