VANCOUVER, B.C. — Despite a dramatic increase in engine shipments, Westport Innovations reported a net loss of $8.1 million in its fourth quarter ended Mar. 31.
During the same quarter of 07, the company reported a net income of $1.7 million. Revenue for the quarter was down to $15.3 million compared to $19.3 million the same quarter in 07. The company blamed the decline on a delay in deliveries by Cummins Westport.
Despite the decline in revenue and the posted loss, the company remains upbeat about its future, especially in light of record diesel prices.
“The lower cost of natural gas compared to oil based fuels coupled with the strong environmental leadership story for natural gas vehicles has helped generate an unprecedented increase in interest in our products” said David Demers, Westport’s CEO. “Although we saw continued strong growth around the world in fiscal 2008, the rapid rise in oil prices late in the fiscal year has moved natural gas vehicles from being primarily an environmental story to now being both environmentally sound and a very good business decision. Early deliveries of Kenworth trucks, Sterling’s recent product announcement, and Peterbilt’s recent LNG announcement have all helped raise the credibility and momentum of this idea as a viable transportation fuel.”
During its full 2008 fiscal year, Westport Innovations: delivered 2,720 units, up from 2001 in 07; and posted annual revenues of $71.5 million, 18% higher than in 07.
Cummins Westport, a joint venture between Westport and Cummins, saw revenues increase 16% to $67.3 million on the year.
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