Westport Fuel Systems Inc (NASDAQ:WPRT) posted financial report for the third quarter closed September 30, 2017. Nancy Gougarty, the Chief Executive Officer, expressed that they continue to execute on their strategy to strengthen their balance sheet, lead operational efficiencies, and support the commercialization of “Westport HPDI 2.0”.
This is the preliminary comparable quarter on a YoY basis since the merger. They noted improved performance across the board. The measures taken and implemented a year earlier to record merger synergies are being recorded. Q3 was a robust quarter with a 54% growth in adjusted EBITDA versus Q3 2016.
Westport automotive business is offering enhanced adjusted EBITDA while Cummins Westport is witnessing robust consumer demand and offering higher income contributions. Their technology portfolio is set with products that offering solutions to consumers today. They have recorded considerable progress and will keep their focused on offering their commitment towards turning a sustainable and profitable firm.
Ashoka Achuthan, the CFO of Westport Fuel, expressed that the firm continues to effectively organize its ongoing liquidity and working capital. In the third quarter, their balance sheet was supported by the proceeds obtained from the equity issuance in July 2017 and the closure of the $55 million CDN debentures in September. Revenue growth YoY was led by their core business and supported by the strong Euro. Their focus remained on aligning their costs to revenues and with the third quarter’s performance, the team is approaching closer to record positive adjusted EBITDA.
Revenue came at $75.5 million for the quarter closed September 30, 2017, a jump of 12% over the comparable period last year. Westport reported that this is led by robust consumer demand as volume surged by 8% YoY; supported by higher parts revenue due to the jump in-service natural gas engines. Gross margin came at $5.9 million for the quarter closed September 30, 2017.