Westport Fuel Systems (WPRT) 2020 Q4 Earnings Results

Westport Fuel Systems Inc (NASDAQ:WPRT) is engaged in the production and supply of alternative fuel systems. Its low emission technologies enable engines to run on clean-burning fuels like compressed natural gas and liquefied natural gas. It operates in over 70 countries with notable transportation brands. Its technologies help customers to meet the rapidly changing emission standards in the wake of climate change.

The Vancouver, Canada-based natural gas fuel technology company on Monday announced its financial results for the fourth quarter. Westport reported earnings of $4.1 million, or $0.03 per share for the three months ended December 31, as compared to $0.7 million, or $0 per share in the same period of 2019.

Revenue came in at $83.9 million, up 13 percent from the year-ago quarter. If we look at the sales performance of key segments, revenue from the original equipment manufacturer segment increased to $58.8 million, versus $44.7 million in the same period last year.

Comparatively, revenue from the independent aftermarket segment decreased to $25.1 million in Q4, versus $29.6 million in the comparable quarter of 2019. The company blamed the negative impact of the Covid-19 for the drop.

Westport shares fell nearly 9 percent in the mid-day trading Tuesday following the results.

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Commenting on the latest quarterly performance, CEO David Johnson said in a statement, “Despite the challenges of COVID-19, our team showed resilience and an ongoing commitment to providing exceptional service to our global customers. We made substantial progress on our business objectives this year, including engine certification in China, growth in key geographies like Europe and India, and strengthened the balance sheet and our overall liquidity.”

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