Westport reports Q3 EPS (22c), consensus (37c)

Reports Q3 revenue $66.2M, consensus $66.45M. CEO Dan Sceli said, “Westport (WPRT) delivered solid results in the third quarter of 2024. Although revenue was down, this decrease was more than outweighed by the revenue earned at Cespira and we delivered significant improvement in Adjusted EBITDA. We continue to execute against our three strategic pillars – harnessing the potential of our HPDI joint venture, enhancing operational excellence, and driving continuous innovation to shape the world’s alternative fueled future. The third quarter represented the first full quarter with Cespira, our HPDI joint venture with Volvo Group, being operational. This, along with the steps we have taken with respect to various cost cutting measures, has enabled Westport to decrease our costs including research and development as well as sales, general and administrative expenses by approximately 40 percent as compared to the same period last year.”