Natural-gas equipment company Westport Innovations Inc. said it narrowed its fiscal loss in the third quarter of 2013, which it called transition year,” while its joint venture with Cummins Inc. saw its profit increase.
Westport reported a $30.2 million loss in the third quarter, or 53 cents a share, compared with $32.5 million, or 59 cents, a year earlier. Revenue grew 51% to $46.5 million.
“2013 is an exciting transition year for us as we see the continued rapid development of markets for natural-gas vehicles,” Westport CEO David Demers said in an Oct. 30 statement. “As natural gas truly begins to penetrate our economy, the benefits of a step change in cost in transportation energy will be profound and far-reaching.”
Cummins Westport Inc., the joint venture that produces natural-gas truck engines, earned $7.9 million in the quarter, compared with $7 million last year, Westport said. Its revenue was $77.5 million, a 70% increase over 2012’s $45.5 million.
Demers said Cummins Westport’s 12-liter truck engine, which went on sale this year, is “off to a great start,” and it expects strong sales next year. “I think we have the right product at the right time to see a real breakthrough that will establish natural gas as a major fuel for trucks around the world, which will be a catalyst for further investment in refueling infrastructure.”
Cummins Westport shipped 2,409 engines in the third quarter, a 52% increase over last year.
