Westport Innovations (WPRT) Continues To Move Toward Profitability, Excited About Volvo Partnership

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09:30:18 pm on February 11, 2010

Westport Innovations (WPRT), which develops natural gas engines, reported a decent quarter after the bell today with results slightly ahead of analyst estimates.  The company has never had a profitable quarter but continues to move closer to that goal and is expecting its first profitable year in 2011.  The company reported a loss of $7.3 million or .21/share on revenues of $38.4 million.

The CEO commented on its relationship with Volvo, saying, “This was a pivotal quarter for Westport with strong revenue growth, a successful financing and an agreement to develop natural gas engines with a global brand in Volvo.  Westport builds its strength through teamwork and a cornerstone partnership was announced in the third quarter with Volvo to become a Tier 1 Development Supplier for its heavy duty natural gas engines. The cooperation reflects both the global growth of natural gas engines in concert with Westport’s proven technology leadership position in heavy duty natural gas engines.”

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