Boston, MA 05/05/2014 (wallstreetpr) – Westport Innovations Inc. (USA) (NASDAQ:WPRT) continues to clock milestones in terms of efficient energy solutions by launching the only California Air Resources Board and EPA certified Ford F-150. The new model features Westport’s Wing Power system to debut at the Alternative Clean Transportation Expo ACT on May 6-8.
The debut comes at a time that Natural gas vehicles continue to pick up momentum for application in shipping and transit. The vehicle will be debuting in California which continues to be an important market for natural gas vehicles. The state commands the largest infrastructure in terms of natural gas fueling with up to 600 public and private natural gas stations.
Natural gas vehicles are growing in popularity for the sole reason that natural gas averages $2.11 per gallon compared to $3.71 gallon for gasoline. This is a huge price advantage especially for high mileage drivers. Westport has already received certification from CARB for its model in Ford-150 3.7 pickup marking a major milestone in the company’s expansive field of innovative technology.
Q1 Financial Highlights
Advanced natural gas engines and systems company, Westport Innovations Inc. (USA) (NASDAQ:WPRT), shares are sinking in the market by a high of 2.12% despite reporting a narrowed net loss for the quarter ending March 31, 2014. Consolidated net loss for the quarter narrowed to $23.9 million down from a high of $31.8 million for the first quarter of 2013. Revenue for the quarter was up by 39% to 41.9 million up from $30.1 million.
Going forward the company expects its revenue for the year to fall between $175 million and $185 million representing a year growth of between 7 to 13%.
Q1 Business highlights
The first quarter saw Westport Innovations combine its intellectual property and strengths with those of Delphi Automotive to be used in the development and manufacture of high pressure natural gas fuel to be used for multiple engine OEMs. The injectors being developed will form core components for Westport HPDI 2.0 fuel system
Westport Innovations Inc. (USA) (NASDAQ:WPRT) also launched final customer validation units in partnership with Weichai for the next generation Westport HPDI on the Weichai Westport engine platform.
