Westport Innovations Posts Worse-Than-Expected Q4 Loss

Westport Innovations' net loss deepens in both the quarter and in fiscal year 2013.

Feb 26, 2014 at 6:21PM

Shares of Westport Innovations (NASDAQ:WPRT) are down in after-hours trading following the release of the company's Q4 and fiscal 2013 results. For the quarter, revenues came in at $52.6 million, substantially higher than the $39.9 million in the same period the previous year. Net loss, however, deepened to $89.5 million ($1.42 per share) from Q4 2012's deficit of $37.6 million ($0.68).

On average, analysts had been expecting revenue of C$54 million ($49 million) and a per-share loss of C$0.51 ($0.46). 

For the full year, the top line amounted to $164.0 million, up from 2012's $155.6 million. The 2013 net loss was $185.4 million ($3.22 per share), against the previous year's $98.8 million ($1.83).

The company also proffered revenue guidance for fiscal 2014, saying it anticipates a top line of $175 million to $185 million for the year.

Following the announcement of the results, the company's stock declined by 3.3%, or $0.56, to $16.35 in after-hours trading.

 

Eric Volkman has no position in Westport Innovations. The Motley Fool recommends and owns shares of Westport Innovations. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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