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Westport Reports $30 Million Net Loss in 3Q

Westport Innovations reported a net loss of $30.2 million in the third quarter of 2013 as revenues increased over the same period in 2012.

November 05, 2013

Westport Innovations reported a net loss of $30.2 million in the third quarter of 2013 as revenues increased over the same period in 2012. The company’s 3Q 2012 net loss totaled $32.5 million.

Third-quarter 2013 revenues totaled $46.5 million, a 51 percent increase when compared with $30.7 million in the same period the previous year.

The Weichai Westport Inc. segment reported the highest revenues for the quarter, at $114.6 million. Cummins Westport Inc. recorded revenues of $77.5 million. Applied Technologies revenues totaled $20.3 million, On-Road Systems took in $17.8 million, and Corporate and Technology Investments reported revenues of $8.4 million.

Cummins Westport reported third-quarter revenue of $77.5 million, compared with $45.5 million in 2012. Cummins Westport shipped 2,409 units in third-quarter 2013, a 51 percent increase from the same period in 2012. Segment operating income was $7.9 million, compared with $7 million in 3Q 2012. The segment's net income attributible to Westport was $2.5 million for the quarter, compared with $3.6 million in the same period the year prior. 

The company maintains its outlook for 2013, expects revenue between $160 million and $180 million in 2013.

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