Westport Fuel Systems Inc Stock Price, News & Analysis

Westport Fuel Systems has announced the acquisition of Stako sp. z o.o., a leading LPG fuel storage manufacturer, for €5 million. This acquisition bolsters Westport's capabilities in the clean fuel sector, particularly in emerging markets. Stako produces LPG storage tanks, serving both the aftermarket and OEM markets with over 1,000 models. The deal is part of Westport's strategy to transition to cleaner fuels, offering significant advantages such as reduced CO2 emissions compared to traditional fuels. With nearly 27 million LPG vehicles globally, this acquisition positions Westport favorably in the growing alternative fuel market.

Westport Fuel Systems reported Q1 2021 revenues of $76.4 million, a 14% increase year-over-year, primarily driven by higher sales volumes in light-duty and heavy-duty OEM segments. The company faced a net loss of $3.1 million ($0.02 per share), significantly improved from $15.3 million in Q1 2020. Adjusted EBITDA was $2.7 million. A successful equity offering raised $13.2 million to support growth. WFS anticipates strong demand for its HPDI 2.0 solutions and plans to reach $1 billion in annual revenue by mid-decade.

Westport Fuel Systems Inc. (WPRT) held its Annual General Meeting on May 5, 2021, approving all proposed resolutions. Key highlights include the election of all nominated directors, with approval rates between 97.64% and 98.53%. Additionally, KPMG LLP was appointed as the company's auditors. The company's advisory Say-on-Pay vote received 91.48% approval. CEO David M. Johnson shared a business update during the meeting, with a replay available until May 12, 2021. Westport is focused on innovation in clean, low-carbon fuel solutions for the global automotive market.

Westport Fuel Systems (WPRT) will release its Q1 2021 financial results on May 6, 2021, after market close. This announcement is crucial for investors tracking the company’s performance in the clean fuel sector. A conference call is scheduled for May 7, 2021, at 10:00 AM ET, where management will discuss the results and outlook. Investors can participate via telephone or webcast. Westport, headquartered in Vancouver, focuses on advanced fuel delivery systems for low-carbon fuels, serving over 70 countries worldwide.

Westport Fuel Systems is expanding its partnership with a Tier 1 global injector manufacturer to enhance production capacity at its Yantai, China facility. This move aims to meet the increasing demand for HPDI 2.0 fuel injectors in the global market, particularly in Europe and China, where the transition to low-carbon solutions is gaining momentum. The investment is part of a strategy to support the growing heavy-duty truck market, which increasingly relies on renewable gas. European LNG fueling infrastructure has expanded, contributing to net-zero carbon commitments for fleets.

Westport Fuel Systems announced an amendment to its joint venture agreement with Weichai Westport Inc. (WWI), enhancing the terms of their 2018 technology development contract. The new agreement mandates WWI to purchase an additional 25,000 HPDI 2.0 systems for 12-liter engines by December 31, 2024, marking a 28% increase in volume commitment. WWI, a major player in China's natural gas vehicle market, will thus bolster its supply chain, driving future growth and operational efficiency for Westport Fuel Systems.

Westport Fuel Systems (WPRT) announced its inclusion in the S&P/TSX Composite Index, effective March 22, 2022. This addition reflects the company's growth and innovation in alternative fuel technologies, critical for decarbonizing transportation. CEO David M. Johnson expressed pride in this recognition, attributing success to employee contributions. Westport, operating globally in clean fuel systems, serves over 70 countries with advanced technologies aimed at improving environmental outcomes.

Westport Fuel Systems Inc. (WPRT) reported strong fourth-quarter results for 2020, achieving record revenues of $83.9 million, a 13% increase year-over-year. OEM revenue surged 32% due to rising HPDI™ 2.0 sales. The company reported a net income of $4.1 million, translating to $0.03 per share, and an adjusted EBITDA of $8.1 million. For the full year 2020, revenues totaled $252.5 million, down 17% from 2019, primarily due to COVID-19 impacts. However, the liquidity position improved through share offerings, raising $27.6 million.

Westport Fuel Systems (WPRT) announced successful initial tests of its hydrogen (H₂) engine using the High Pressure Direct Injection (HPDI) 2.0™ System. The tests reveal that the H₂-HPDI operates with near-zero greenhouse gas emissions and shows efficiency comparable to fuel cells in heavy-duty applications. The company aims to provide a cost-effective alternative for heavy-duty trucking, mining, marine, and rail sectors, thereby leveraging existing supply chains and manufacturing infrastructures. Upcoming results will be shared at the Vienna Motor Symposium on April 29-30, 2021.