Westport Innovations Misses Estimates, Lowers Guidance
Aug 2nd 2013 1:01PM
Updated Aug 2nd 2013 1:02PM
Vancouver, Canada-based Westport Innovations shares were getting pummeled in early Friday trading, down around 12% following release of the company's Q2 earnings results.
Reporting a $0.61-per-share net loss for the quarter on $34.9 million in revenues, Westport missed analyst estimates, then compounded the unforced error by lowering its revenue guidance for the rest of this year.
Revenues in Q2 were down 29% in comparison to last year's second quarter, a worse result than the company reported in Q1. GAAP losses were up a staggering 455%, which was much worse than last quarter.
As for guidance, Westport now predicts that this year's revenues will top out at $180 million, max, which was the number cited as the least amount of business the company would do in previous guidance. Nonetheless, management continues to insist that it will break even on profits "on an EBITDA basis" by the end of next year. Management made no promise as to when GAAP profitability might arrive, but analysts on average do not foresee positive net profits before 2016.
The article Westport Innovations Misses Estimates, Lowers Guidance originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Westport Innovations. The Motley Fool owns shares of Westport Innovations. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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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