Westport Reschedules Q4 and 2023 Audited Financial Results Release to Post-Market on March 25, 2024

Rhea-AI Summary

Westport Fuel Systems Inc. reschedules financial results release due to investment agreement for HPDI fuel system joint venture.

Market Research Analyst

The formation of a joint venture by Westport Fuel Systems Inc. to expedite the commercialization of its High Pressure Direct Injection (HPDI) fuel system represents a strategic move to expand its market reach. This venture is likely to attract the attention of investors and industry stakeholders due to the potential for increased market share and revenue growth. The HPDI technology, which allows heavy-duty trucks to run on natural gas while maintaining diesel-like performance, aligns with the global push for cleaner transportation solutions. The rescheduling of the financial results could indicate that the joint venture may have material implications on the reported figures, suggesting a recalibration of financials to account for the new business arrangement.

Financial Analyst

Investors should note the postponement of Westport's financial results release, which could lead to speculation and volatility in the company's stock price. It is essential to monitor how the market reacts to both the announcement of the joint venture and the delayed financial disclosure. The rescheduling may also affect analysts' forecasts and investment models, requiring adjustments based on the anticipated impact of the joint venture on Westport's future earnings and cash flow. Additionally, the timing of the announcement, after the close of market, is a common practice intended to ensure all market participants have equal access to the information.

Environmental Technology Expert

Westport's HPDI fuel system is a significant technological advancement in the field of environmental technology, particularly for heavy-duty transportation. By enabling trucks to use natural gas, the technology contributes to reducing greenhouse gas emissions compared to traditional diesel engines. The joint venture could accelerate the adoption of this cleaner technology, potentially leading to broader environmental benefits. However, the success of this technology also hinges on the availability of natural gas refueling infrastructure and the comparative cost of natural gas to diesel, which are critical factors for widespread adoption.

VANCOUVER, BC, March 11, 2024 /PRNewswire/ - Westport Fuel Systems Inc. (TSX: WPRT) (NASDAQ: WPRT) ("Westport" or "The Company") announces that, in consideration of the Company's announcement today regarding the signing of an investment agreement to form a joint venture to accelerate the commercialization of its HPDI fuel system, the Company will reschedule the release of its audited financial results for the fourth quarter and fiscal year ending December 31, 2023.  Results will now be issued on Monday, March 25, 2024, after the close of market. A conference call and webcast to discuss the financial results and other corporate developments will be held on Tuesday, March 26, 2024.

Time:               10:00 a.m. ET (7:00 a.m. PT)
Dial-in:             1-416-764-8688 or toll-free at 1-888-390-0546
Webcast:         https://investors.wfsinc.com 

To join the conference call without operator assistance, callers may register up to 60 minutes before the event and enter their phone number through this RapidConnect URL: https://emportal.ink/48oua6E and receive an instant automated call back.

Replay Conference Call & Webcast

To access the conference call replay, please dial 1-888-390-0541 (Canada & USA toll-free) or 1-416-764-8677 using the passcode 618393#. The telephone replay will be available until April 9, 2024.

About Westport Fuel Systems

At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, 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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SOURCE Westport Fuel Systems Inc.

Why did Westport Fuel Systems reschedule the release of its financial results?

Westport Fuel Systems rescheduled the release of its financial results due to the signing of an investment agreement to form a joint venture to accelerate the commercialization of its HPDI fuel system.

When will Westport Fuel Systems release its financial results now?

Westport Fuel Systems will now release its financial results on Monday, March 25, 2024, after the close of the market.

When is the conference call and webcast to discuss Westport Fuel Systems' financial results?

The conference call and webcast to discuss Westport Fuel Systems' financial results will be held on Tuesday, March 26, 2024, at 10:00 a.m. ET (7:00 a.m. PT).

How can one join the conference call without operator assistance?

To join the conference call without operator assistance, callers may register up to 60 minutes before the event and enter their phone number through the RapidConnect URL provided in the press release.

Until when will the telephone replay of the conference call be available?

The telephone replay of the conference call will be available until April 9, 2024.