In This Article:
Westport Fuel Systems Inc. WPRT reported a loss of 59 cents per share in the fourth quarter of 2024, wider than the Zacks Consensus Estimate of a loss of 24 cents. The company had incurred a loss of 81 cents in the year-ago period.
See the Zacks Earnings Calendar to stay ahead of market-making news.
WPRT registered consolidated revenues of $75.1 million, surpassing the Zacks Consensus Estimate of $72 million. The top line, however, fell from $87.2 million generated in the corresponding quarter of 2023. The company incurred an adjusted EBITDA loss of $1.8 million compared with a loss of $10 million recorded in the year-ago period.
Westport Fuel Systems Inc. Price, Consensus and EPS Surprise
Westport Fuel Systems Inc. price-consensus-eps-surprise-chart | Westport Fuel Systems Inc. Quote
Segmental Takeaways
From the third quarter of 2024, Westport has started reporting its results under four reportable segments: Cespira, Light-Duty, High-Pressure Controls and Systems and Heavy-Duty OEM. Cespira is Westport’s HPDI joint venture with Volvo Group.
Cespira: The segment reported net sales of $22.8 million and incurred an operating loss of $4.8 million in the fourth quarter of 2024.
Light-Duty: Net sales of the segment totaled $68 million, which increased from $63.4 million in the fourth quarter of 2023 and surpassed our estimate of $56.8 billion. The upside was mainly due to higher sales of LPG fuel system solutions to a global original equipment manufacturer (OEM).
Gross profit rose to $14 million (21% of revenues) from the year-ago period’s $12 million (19% of revenues), primarily due to an increase in sales volumes, a change in sales mix with higher sales to European customers and lower sales in developing regions.
High-Pressure Controls and Systems: Net sales of the segment totaled $1.4 million compared with $2.5 million in the year-ago period. The figure missed our estimate of $1.9 million. A slowdown in hydrogen infrastructure development has resulted in slower adoption of hydrogen-powered solutions in the automotive and industrial sectors, which has resulted in a year-over-year decline.
In the reported quarter, gross profit was 0% of revenues due to lower sales volume. The company’s gross profit was $0.4 million or 16% of revenues in the fourth quarter of 2023.
Heavy-Duty OEM: In the reported quarter, net sales of the segment, which includes revenues from the business, totaled $5.7 million. The company reported $21.3 million in the year-ago quarter. The metric missed our estimate of $13.7 million. The year-over-year decline resulted from the continuation of the business in Cespira.
Gross profit totaled $4.7 million (5% of revenues) against a gross loss of $4.4 million in the fourth quarter of 2023.