Westport Fuel Systems Reports Fourth Quarter and Full Year 2020 Financial Results
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VANCOUVER, British Columbia, March 15, 2021 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (“WFS”) (TSX:WPRT / Nasdaq:WPRT) today reported financial results for the fourth quarter and year ended December 31, 2020 and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.
FOURTH QUARTER 2020 HIGHLIGHTS
- Record revenue of
$83.9 million , an increase of13% over same period last year, with OEM revenue up32% due to continued growth in HPDI™ 2.0 sales volumes combined with strengthening light-duty OEM sales - Net income of
$4.1 million or$0.03 per share; Adjusted EBITDA was$8.1 million , or a$4.5 million improvement year-over-year - Liquidity bolstered by net
$27.6 million raised by shares issued under the at-the-market equity offering, of which$13.2 million was raised following the close of the quarter - Announced new product development work with current OEM partner to apply HPDI 2.0 to an upgraded base engine platform designed to meet Euro VI Step E emission regulations that take effect in 2024
FULL YEAR 2020 HIGHLIGHTS
- Revenue of
$252.5 million , down17% vs. 2019 due to COVID-19 pandemic’s impact on customer demand, partially offset by significant year-over-year growth in HPDI sales volumes to our initial launch partner - Net loss of
$7.4 million , or$0.05 per share; Notwithstanding the pandemic's impact, recorded positive adjusted EBITDA of$14.7 million , compared to$28.4 million in the prior year - Working with our lenders, we strengthened the balance sheet, improved overall liquidity and reduced cost of capital
- Joint venture with Weichai Power secured certification for WP12 natural gas engine powered by HPDI in China
- Combined our Indian businesses with UNO MINDA to create a JV to better serve the growing market in India for gaseous fuel systems through cost efficiencies and greater product choice
- Published enhanced Environment, Social and Governance ("ESG") report, highlighting our commitment to ongoing ESG performance improvements and responsible corporate citizenship
| “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. Following facilities shutdowns in the second quarter due to COVID-19, adoption of gaseous fuel-powered vehicles grew. Sales of our HPDI product recovered and surpassed 2019 volumes, and there is increasing recognition that gaseous fuels play an important role in enabling affordable transportation while reducing carbon emissions. More fleets are recognizing the improved sustainability performance and lower total cost of ownership delivered by our proven technology platform. I was also pleased to see the strong recovery in the fourth quarter of our Independent Aftermarket and Light-Duty OEM businesses that were hit particularly hard during the initial outbreak of the pandemic. We’ve entered 2021 with a strong order book, bolstered by regulatory support to reduce carbon from transportation and growing infrastructure investments for gaseous fuels. We remain committed to operational excellence and innovation that delivers on the promise of improving urban air quality and enabling economic advantages for our customers.” David M. Johnson, Chief Executive Officer |
4Q20 AND FULL YEAR 2020 CONTINUING OPERATIONS
| CONTINUING OPERATIONS | ||||||||||||||||
| Over / (Under) | Over / (Under) | |||||||||||||||
| ($ in millions, except per share amounts) | 4Q20 | 4Q19 | % | FY20 | FY19 | % | ||||||||||
| Revenues | $ | 83.9 | $ | 74.3 | 13 | % | $ | 252.5 | $ | 305.3 | (17) | % | ||||
| Gross Margin | 13.0 | 13.8 | (6) |
Westport Fuel Systems Inc Common Shares
NASDAQ:WPRTWPRT RankingsWPRT Latest NewsWPRT Stock Data
100.07M
15.28M
10.86%
12.9%
2.84%
Heavy Duty Truck Manufacturing
Manufacturing
United States of America
Vancouver
About WPRTat westport fuel systems, we are driving innovation to power a cleaner tomorrow. we are inventors, engineers, manufacturers and suppliers of advanced clean-burning fuel systems and components that can change the way the world moves. our technology delivers performance, fuel efficiency and environmental benefits to address the challenges of global climate change and urban air quality. headquartered in vancouver, canada, we serve our customers in more than 70 countries with leading global transportation brands. at westport fuel systems, we think ahead. for more information, visit www.wfsinc.com.
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