Westport Innovations Inc. Presents at Citi's Global Energy and Utilities Conference, May-15-2013 04:20 PM. Venue: Hyatt Regency, One Avenue De Lafayette, Boston, Massachusetts, United States.

Westport Innovations Inc. reported consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of $30.1 million against $36.0 million a year ago. The decrease in Westport revenue, year-over-year, is primarily due to timing of a small number of major fleet orders on the Westport 15-liter system, and the uncertainty around the Swedish government incentives, which impacted the sale of the Westport biofuel system for the Volvo V70 cars. Income from unconsolidated joint ventures was $1.7 million against $5.5 million a year ago. Adjusted LBITDA was $26.3 million against $13.9 million a year ago. Net loss attributed to the company was $31.8 million or $0.57 per share against $22.6 million or $0.44 per share a year ago. The change in LBITDA is due primarily to approximately $4.0 million lower contribution from CWI compared to the same period last year and from approximately $8.5 million increased product development investments. Net loss increased due primarily to an increase in development activities for new product launches in 2013 related to automotive, trucking, and off-road applications, and a decrease in share of equity income from CWI. Included in the net loss is a $3.0 million net foreign exchange gain attributed mainly to the movement in the Canadian dollar relative to the U.S. dollar, which is unrealized. Excluding this impact, consolidated net loss and net loss per share for the quarter ended March 31, 2013 was $34.8 million and $0.63, respectively. LBITDA was $26.7 million against $17.9 million a year ago. The company reiterates its guidance for 2013 consolidated revenue (excluding joint venture revenue) to be between $180 million and $200 million, up 16% to 29% for 2013.

Westport Innovations Inc., Q1 2013 Earnings Call, May 02, 2013