Westport Fuel Systems Reports First Quarter 2017 Financial Results

VANCOUVER, May 11, 2017

VANCOUVER, May 11, 2017 /PRNewswire/ - Westport Fuel Systems Inc. ("Westport Fuel Systems") (TSX:WPRT / Nasdaq:WPRT) reported financial results for the first quarter ended March 31, 2017, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.

"We had a strong first quarter, and we look forward to building upon our momentum," said Nancy Gougarty, Chief Executive Officer of Westport Fuel Systems. "Both revenues and margins improved while our implementation of cost efficiencies continues to yield results. Commercial shipment of our Westport™ HPDI 2.0 technology is on-track for later this year, a significant milestone that will bring in a new ongoing revenue stream and allow us to ramp-down our R&D spending. We are pleased to be making further progress and continue to keep our focus on making Westport Fuel Systems a sustainable and profitable company that can deliver value to customers, employees and shareholders."

Q1 2017 CONSOLIDATED FINANCIAL HIGHLIGHTS

CONTINUING OPERATIONS
($ in millions, except per share amounts)	Three Months Ended March 31 ARIVA.DE Börsen-Geflüster Kurse Westport Fuel Systems 5,34 $ -6,97%
	2017		2016[1]
Consolidated Revenues	$	60.0	$	24.0
Consolidated Gross Margin	17.5		6.4
Consolidated Gross Margin %	29.2%		26.7%
Operating Expenses	27.4		25.4
Income from Unconsolidated Joint Ventures	1.8		0.7
Net Loss from Continuing Operations	(12.8)		(24.5)
Net Loss per Share from Continuing Operations	(0.12)		(0.38)
Cash and Short-term Investments Balance	47.7		24.6

• Consolidated revenues for the quarter ended March 31, 2017, was $60.0 million compared with $24.0 million for the same period last year mainly due to the addition of Fuel Systems revenue as a result of the merger and improving market outlook in key regions.
  
  
• Consolidated gross margin for the quarter ended March 31, 2017 was $17.5 million or 29.2% of revenue, compared with $6.4 million or 26.7% of revenue for the same period last year. The change in gross margin is partly due to the merger with Fuel Systems as well as operational improvements and efficiencies implemented following the closure of the merger.
  
  
• Consolidated operating expenses were $27.4 million for the quarter ended March 31, 2017, an increase of $2.0 million from $25.4 million in the same period last year which did not include any operating expenses from Fuel Systems.
  
  
• Net loss from continuing operations for the quarter ended March 31, 2017, was $12.8 million or a loss of $0.12 per share, compared with a loss of 24.5 million or a loss of 0.38 per share in the same period last year.

In April 2017, the Company sold the assets of its Auxiliary Power Unit business ("APU") and is currently negotiating the sale of additional assets of the remainder of the Industrial segment. In light of these developments, effective first quarter 2017, the [previously reported] Industrial business segment has been reclassified to Discontinued Operations.

"We continue to make progress on strengthening our balance sheet, improving our operating efficiencies and bringing our cost structure in line with our revenues," said Ashoka Achuthan, Chief Financial Officer of Westport Fuel Systems. "In the first quarter we refinanced our European credit facility at similar terms and in April we completed the sale of our APU assets for $70 million US dollars. This transaction has added cash to our balance sheet and allows us to concentrate on growing market share for our unmatched proprietary alternative fuel technologies. We remain focused on executing upon the continued transformation of Westport Fuel Systems."

CUMMINS WESTPORT INC. HIGHLIGHTS

• Revenue was $70.7 million on 1,740 units for the quarter ended March 31, 2017, a increase of 8.8% in revenue over the same period last year due to improved sales in the transit and refuse markets.
  
  
• Gross margin during the quarter ended March 31, 2017, increased by $5.2 million on higher engine sales and a favorable decrease in net warranty adjustments.
  
  
• CWI operating income attributable to Westport Fuel Systems for the quarter ended March 31, 2017, was $1.8 million, up from the prior year due to improved shipments and higher gross margins.
  
  
• CWI recently announced its 2018 product line that will feature the zero equivalent emissions ISX12N and L9N engines. This demonstrates an important milestone in product development for Cummins Westport, creating a move to zero emissions strategy for customers and industry offering on-highway customers the benefits of performance and reliability at an ultra-low emissions level.

GAAP and NON-GAAP FINANCIAL MEASURES

Management reviews the operational progress of its business units and investment programs over successive periods through the analysis of net income, EBITDA and Adjusted EBITDA. The Company defines EBITDA as net loss from continuing operations before income taxes adjusted for interest expense (net), depreciation and amortization. Westport Fuel Systems defines Adjusted EBITDA as EBITDA from continuing operations excluding expenses for stock-based compensation, unrealized foreign exchange gain or loss, and non-cash and other adjustments. Management uses Adjusted EBITDA as a long-term indicator of operational performance since it ties closely to the business units' ability to generate sustained cash flow.  Adjusted EBITDA includes the company's share of income from joint ventures.

The term Adjusted EBITDA is not defined under U.S. generally accepted accounting principles ("U.S. GAAP") and is not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. Adjusted EBITDA has limitations as an analytical tool, and when assessing the company's operating performance, investors should not consider Adjusted EBITDA in isolation, or as a substitute for net loss or other consolidated statement of operations data prepared in accordance with U.S. GAAP. Among other things, Adjusted EBITDA does not reflect the company's actual cash expenditures. Other companies may calculate similar measures differently than Westport Fuel Systems, limiting their usefulness as comparative tools. The company compensates for these limitations by relying primarily on its GAAP results and using Adjusted EBITDA as supplemental information.

GAAP & NON-GAAP FINANCIAL MEASURES
($ in millions)	31-Mar-16 [1] [2]		30-Jun-2016 [1] [2]		30-Sep-2016 [2]		31-Dec-2016		31-Mar-2017
Loss before Income Taxes	$	(24.7)	$	3.1	$	(34.4)	$ Werbung Mehr Nachrichten zur Westport Fuel Systems Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 09:30 - PR Newswire Mondi Plc - Director/PDMR Shareholding 07:40 - PR Newswire BlackRock Greater Europe Investment Trust Plc - Director/PDMR Shareholding 02:00 - PR Newswire Vesuvius Plc - Transaction in Own Shares Schnelle Produktionsaufnahme    Multi-Tenbagger-Potenzial direkt in Spanien? weiterlesen» Anzeige wo-site-teaser-box-16824_site-teaser-box_2024-05-03_06%253A00%253A00_2024-05-04_09%253A00%253A59