Westport’s Loss Narrows for 4Q, Year
Natural gas-technology provider Westport Innovations Inc.’s fourth-quarter and full-year losses narrowed as results from its joint venture with engine maker Cummins Inc. improved.
The company lost $64.9 million in the quarter, compared with a loss of $89.5 million in 2013, and its full-year loss declined to $149.6 million from $185 million.
Revenue for the quarter fell almost 50% to $27.4 million, while full-year revenue declined 20% to $130.6 million. Vancouver, British Columbia-based Westport reports its earnings in U.S. dollars.
The supplier of natural gas-vehicle technology said it expects 2015 revenue of $110 million to $125 million.
Westport said it “will continue to invest” with OEM partners on natural-gas projects in the next decade, including high-pressure direct injection and spark-ignited direct injection, but will “defer investments with uncertain market timing or commercialization risk.”
“Despite volatile energy markets in 2014, interest in alternative fuels continues to grow in many parts of the world,” CEO David Demers said in a statement.
Segments revenue, including Cummins Westport Inc., Weichai Westport Inc. and Westport Operations, rose 15% for the year to $1.1 billion.
In North America , CWI unit volume increased by 28% in the quarter, driven primarily by strong growth in trucking and bus applications, which are up 41% and 40%, respectively, over the same period in 2013.
CWI’s fourth-quarter revenue was $107 million on 3,382 units, the second strongest in its history due primarily to growth in bus applications, with volume more than doubling.
CWI reported record net income of $14.3 million for the quarter, up 276% from the prior year, while full-year revenue rose 9% to $337.2 million on 10,512 units.
