Westport Innovations (WPRT) Lower Following Cut to Revenue Guidance
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Westport Innovations Inc. (NASDAQ: WPRT) shares are trading lower by 6 percent early on Wednesday. On Monday it lowered its financial guidance due to recent feedback from Original Equipment Manufacturers (OEM) and fleet customers in North America and automotive OEM customers in Europe.
Heightened uncertainty in the economy and delayed availability of liquefied natural gas (LNG) infrastructure has OEM customers sharply reducing inventory and end customers delaying decisions to complete orders.
Based on these factors, Westport now expects to grow approximately 30 percent year over year, with an anticipated revenue outlook for 2012 between $340 million and $350 million, from its revenue base of $264 million for 2011.
Westport's previous 2012 revenue outlook was a range from $400 million to $425 million.
"We have a strong balance sheet and our asset-light business model allows us to remain competitively positioned," said David Demers, CEO of Westport Innovations Inc. "To help mitigate further contraction in overall transportation markets, we expect a number of key product launches in our automotive, trucking and off-road applications in 2013 including the Cummins Westport ISX12 G and Weichai Westport 12L HPDI engine. We will continue to monitor automotive and trucking markets and make changes in operations if needed."
Heightened uncertainty in the economy and delayed availability of liquefied natural gas (LNG) infrastructure has OEM customers sharply reducing inventory and end customers delaying decisions to complete orders.
Based on these factors, Westport now expects to grow approximately 30 percent year over year, with an anticipated revenue outlook for 2012 between $340 million and $350 million, from its revenue base of $264 million for 2011.
Westport's previous 2012 revenue outlook was a range from $400 million to $425 million.
"We have a strong balance sheet and our asset-light business model allows us to remain competitively positioned," said David Demers, CEO of Westport Innovations Inc. "To help mitigate further contraction in overall transportation markets, we expect a number of key product launches in our automotive, trucking and off-road applications in 2013 including the Cummins Westport ISX12 G and Weichai Westport 12L HPDI engine. We will continue to monitor automotive and trucking markets and make changes in operations if needed."
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