What happened
Westport Fuel Systems (WPRT 1.06%) shareholders, who've watched their stock lose 45% of its value over the past year, got even more bad news today: Chief Financial Officer Michael Willis has resigned, and Westport doesn't have a ready replacement.
Westport Fuel Systems stock closed with a 13.7% loss in response to the news.
Wesport's CFO is cleaning out his desk. Image source: Getty Images.
So what
Westport, which develops technology for trucks to run on natural gas, last reported earnings nearly three months ago, when it lost $0.02 per share on $65.5 million in sales. That means that Westport's next earnings report, for fiscal Q4, should be coming out any day now. For the CFO to resign before earnings suggests this next batch of earnings news won't be good.
At least that seems to be how investors are interpreting today's announcement.
Now what
Westport says it has "commenced a search process to identify a permanent replacement and will name a new Chief Financial Officer in due course," which suggests today's resignation was not planned out ahead of time. While the company seeks its next CFO, VP and Corporate Controller Jim MacCallum will serve as acting CFO.
Looks like he'll have his work cut out for him.
Check out the latest earnings call transcripts for companies we cover.
