Westport (NASDAQ: WPRT) reported Q4 EPS of $0.00, $0.01 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $74.3 million versus the consensus estimate of $70.26 million.

KEY ACCOMPLISHMENTS

• Transportation revenue grew to $305 million, up 13% over 2018 and 33% since 2017.
• Adjusted EBITDA of $28 million compared with $10 million in 2018, nearly a 200% increase.

"2019 was a pivotal year for Westport Fuel Systems. We continued our trend of year-over-year financial improvements to both our top- and bottom-lines. Importantly, our core business is thriving and Westport HPDI 2.0™ is demonstrating scalability, in both economics and operations,” said David M. Johnson, Chief Executive Officer of Westport Fuel Systems. “Strong year-over-year revenue growth and continued cost control underpins our ongoing HPDI commercialization efforts. Each of our business units delivered improved operating results and we remain confident in our outlook as the demand for our technology continues to strengthen in key markets like Europe, China, and India. Our focus on delivering on our commitments to customers and enhancing our operating performance is unwavering.”

2020 KEY PRIORITIES

Our key strategic priorities for 2020 are:

• Sustained growth and profitability of our light-duty business through the aftermarket and OEM channels.
• The successful commercial launch of Westport HPDI 2.0™ in China to drive volume growth that enables cost reduction and margin improvement.
• Secure new light-duty and heavy-duty OEM customers in key market geographies.
• Material and structural cost reductions to improve margin and cash flow.

2020 Outlook

We are closely tracking and monitoring the impact of COVID-19 on our business, including our operations in China and Italy. Given the high degree of uncertainty in markets around the world and the recent drop in oil prices, we expect that the headwinds which are developing now may persist for much of the rest of the year. We are working to continue the growth of the business for long term profitability and to ensure we have the liquidity to invest and operate our businesses and meet our financial obligations.

For earnings history and earnings-related data on Westport (WPRT) click here.