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Westport (WPRT) Q2 Earnings & Sales Beat Estimates, Up Y/Y
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Westport Fuel Systems Inc. (WPRT - Free Report) posted second-quarter 2021 earnings per share of 7 cents. For the reported quarter, the Zacks Consensus Estimate is pegged at a loss of 4 cents per share. The reported earnings compares favorably with the year-ago earnings of 2 cents a share.
Westport registered consolidated revenues of $84.7 million for the second quarter, skyrocketing 135% year over year. The top line also outpaced the Zacks Consensus Estimate of $70 million.
Westport Fuel Systems Inc. Price, Consensus and EPS Surprise
Original Equipment Manufacturer (OEM): Net sales of the segment soared 178% year over year to $53.1 million for the reported quarter, mainly on increase in sales volume in the light-duty OEM business and HPDI product as well as higher engineering service revenues. However, the segment reported an operating loss of $3.4 million as against the $1.1 million profit registered in second-quarter 2020.
Independent Aftermarket (IAM): Net sales of the segment totaled $31.6 million, up from the $16.9 million reported in the year-ago period. This upside stemmed from recovery in sales volumes. The segment’s operating income came in at $1.1 million, reversing the loss of $1.2 million posted in second-quarter 2020.
CWI Joint Venture (50%): This segment’s revenues totaled $45.1 million for the April-June period, up from the year-ago quarter’s $33.2 million. This upswing resulted from return to normal operating conditions following disruptions due to the COVID-19 pandemic in the second quarter of 2020. Operating income was $8.9 million, higher than the $5.3 million recorded in the year-ago period.
Corporate Business Segment: For the reported quarter, operating loss of the segment amounted to $1.4 million, as against the profit of $1.8 million reported in the year-earlier period.
Financial Position
Westport — which shares space with Magna International (MGA - Free Report) , Meritor , and American Axle & Manufacturing (AXL - Free Report) in the same industry — had cash and cash equivalents of $160.7 million as of Jun 30, 2021, up from $64.3 million at the end of 2020. Long-term debt decreased to $39.6 million at the end of second-quarter 2021 from $45.7 million as of Dec 30, 2020.
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Westport (WPRT) Q2 Earnings & Sales Beat Estimates, Up Y/Y
Westport Fuel Systems Inc. (WPRT - Free Report) posted second-quarter 2021 earnings per share of 7 cents. For the reported quarter, the Zacks Consensus Estimate is pegged at a loss of 4 cents per share. The reported earnings compares favorably with the year-ago earnings of 2 cents a share.
Westport registered consolidated revenues of $84.7 million for the second quarter, skyrocketing 135% year over year. The top line also outpaced the Zacks Consensus Estimate of $70 million.
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
Original Equipment Manufacturer (OEM): Net sales of the segment soared 178% year over year to $53.1 million for the reported quarter, mainly on increase in sales volume in the light-duty OEM business and HPDI product as well as higher engineering service revenues. However, the segment reported an operating loss of $3.4 million as against the $1.1 million profit registered in second-quarter 2020.
Independent Aftermarket (IAM): Net sales of the segment totaled $31.6 million, up from the $16.9 million reported in the year-ago period. This upside stemmed from recovery in sales volumes. The segment’s operating income came in at $1.1 million, reversing the loss of $1.2 million posted in second-quarter 2020.
CWI Joint Venture (50%): This segment’s revenues totaled $45.1 million for the April-June period, up from the year-ago quarter’s $33.2 million. This upswing resulted from return to normal operating conditions following disruptions due to the COVID-19 pandemic in the second quarter of 2020. Operating income was $8.9 million, higher than the $5.3 million recorded in the year-ago period.
Corporate Business Segment: For the reported quarter, operating loss of the segment amounted to $1.4 million, as against the profit of $1.8 million reported in the year-earlier period.
Financial Position
Westport — which shares space with Magna International (MGA - Free Report) , Meritor , and American Axle & Manufacturing (AXL - Free Report) in the same industry — had cash and cash equivalents of $160.7 million as of Jun 30, 2021, up from $64.3 million at the end of 2020. Long-term debt decreased to $39.6 million at the end of second-quarter 2021 from $45.7 million as of Dec 30, 2020.
Westport currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.