LONDON, UK / ACCESSWIRE / December 28, 2017 / Active-Investors.com has just released a free earnings report on Westport Fuel Systems Inc. (NASDAQ: WPRT) ("Westport"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=WPRT. Westport Fuel Systems posted its third quarter fiscal 2017 (Q3 FY17) revenues on November 14, 2017. The leading manufacturer of advanced alternative fuel system saw revenue and earnings surpassed expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Westport Fuel Systems most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
During Q3 FY17, Westport posted revenues of $60.76 million compared to $56.09 million in Q3 FY16, advancing 12.38% on a y-o-y basis. Revenue numbers topped analysts' estimates of $50.60 million.
The Company had operating loss of $20.06 million in the reported quarter compared to an operating loss of $32.33 million in Q3 FY16.
Westport reported net loss of $15.64 million in Q3 FY17 compared to $32.23 million in Q3 FY16. The Company had diluted loss of $0.12 per share in Q3 FY17 compared to diluted loss of $0.30 per share in Q3 FY16. Adjusted net loss from continuing operations was $0.12 per share in the reported quarter, which was lower than analysts' expectations of an adjusted loss of $0.14 per share.
Westport Fuel Systems' Segment Details
Westport has three business segments, namely: Automotive, Corporate and Technology Investments, and CWI.
The Automotive segment had revenues of $60.00 million in Q3 FY17 compared to $53.60 million, reflecting growth of 11.94% on a y-o-y basis due to strong sales in the European aftermarket business and strengthening of Euro compared to the US dollar. This segment's gross margin surged 105.71% to $14.40 million in Q3 FY17 compared to $7.00 million in Q3 FY16 due to higher revenues, low obsolescence charges, and an acquisition-related adjustment.
The Corporate and Technology Investments segment had revenues of $0.80 million in the reported quarter compared to $2.50 million in Q3 FY16, declining steeply by 68.00%. This segment's gross margin was $0.40 million in Q3 FY17 compared to $1.70 million in Q3 FY16, declining by 76.47% on a y-o-y basis.
Westport's CWI segment had revenues of $75.50 million in Q3 FY17 compared to $67.50 million in Q3 FY16, advancing 11.85% on a y-o-y basis, due to increase in units sold and an increase in parts revenue attributed to the increase in the natural has engine population in service. This segment's gross margin was $27.90 million in Q3 FY17 compared to $22.00 million in Q3 FY16, reflecting growth of 26.81% on a y-o-y basis due to higher revenues.
Westport had cash and cash equivalents of $50.61 million on September 30, 2017, compared to $57.89 million on September 30, 2016. The Company reported cash outflow from operating activities of $13.98 million in Q3 FY17 compared to a cash outflow of $27.40 million in Q3 FY16. In Q3 FY17, Westport received dividends of $5.30 million from CWI's joint venture. In September 2017, the Company repaid $CDN 55.00 million of maturing unsecured debt, which carried an interest rate of 9.00%.
For fiscal 2017, Westport is anticipating loss of $0.49 per share. For Q4 FY17, the Company if forecasting loss of $0.13 per share and in Q1 FY18, the Company is projecting loss of $0.09 per share.
Stock Performance Snapshot
December 27, 2017 - At Wednesday's closing bell, Westport Fuel Systems' stock declined 2.15%, ending the trading session at $3.64.
Volume traded for the day: 1.15 million shares.
Stock performance in the last month - up 22.15%; previous three-month period - up 18.18%; past twelve-month period - up 216.52%; and year-to-date - up 222.12%
After yesterday's close, Westport Fuel Systems' market cap was at $475.44 million.
The stock is part of the Consumer Goods sector, categorized under the Auto Parts industry. This sector was flat at the end of the session.
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