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Westport (WPRT) Secures Deal for LPG Supply to a Key OEM
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Westport Fuel Systems Inc. (WPRT - Free Report) recently announced that it has been awarded a program to develop and supply liquefied petroleum gas (LPG) systems for a wide range of vehicle applications to a global original equipment manufacturer (OEM). The contract is estimated to generate €38 million in revenues through the end of 2025. Production is expected to begin in fourth-quarter 2023.
Per the deal, Westport will provide the OEM with fuel systems solutions for the Euro 6 applications, supplying the entire LPG system from the fuel tank to the fuel injectors. Simultaneously, Westport will develop fuel systems to respond to future regulations, including the proposed Euro 7 standards. Seeking alternative fuel technology, ranging from light-duty to heavy-duty applications has been a focus area of Westport’s OEM technology supply strategy.
LPG and bio-LPG are clean-burning alternative fuels used to power light, medium and heavy-duty vehicles. LPG-fueled vehicles are economical and low on emissions compared to vehicles using traditional fuels. Moreover, LPG-fueled vehicles are permitted to drive in emissions-restricted traffic zones in Europe. Therefore, LPG is fast gathering steam in markets like Europe, where refueling infrastructure is well established.
The company is enthusiastic about supplying the leading OEM with LPG systems and serving the growing global market for affordable alternative fuel systems for efficient transportation.
Westport’s portfolio of eco-friendly product mix is set to boost prospects amid climate change concerns. Westport HPDI 2.0 offers an environment-friendly robust performance for heavy-duty trucks, positioning the company favorably as the transition to green transportation solutions intensifies. The contract with NAFTAL to supply 60,000 liquefied petroleum gas systems over the next 18 months augurs well.
Shares of Westport have lost 73.5% over the past year compared with its industry’s 46.3% decline.
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Westport (WPRT) Secures Deal for LPG Supply to a Key OEM
Westport Fuel Systems Inc. (WPRT - Free Report) recently announced that it has been awarded a program to develop and supply liquefied petroleum gas (LPG) systems for a wide range of vehicle applications to a global original equipment manufacturer (OEM). The contract is estimated to generate €38 million in revenues through the end of 2025. Production is expected to begin in fourth-quarter 2023.
Per the deal, Westport will provide the OEM with fuel systems solutions for the Euro 6 applications, supplying the entire LPG system from the fuel tank to the fuel injectors. Simultaneously, Westport will develop fuel systems to respond to future regulations, including the proposed Euro 7 standards. Seeking alternative fuel technology, ranging from light-duty to heavy-duty applications has been a focus area of Westport’s OEM technology supply strategy.
LPG and bio-LPG are clean-burning alternative fuels used to power light, medium and heavy-duty vehicles. LPG-fueled vehicles are economical and low on emissions compared to vehicles using traditional fuels. Moreover, LPG-fueled vehicles are permitted to drive in emissions-restricted traffic zones in Europe. Therefore, LPG is fast gathering steam in markets like Europe, where refueling infrastructure is well established.
The company is enthusiastic about supplying the leading OEM with LPG systems and serving the growing global market for affordable alternative fuel systems for efficient transportation.
Westport’s portfolio of eco-friendly product mix is set to boost prospects amid climate change concerns. Westport HPDI 2.0 offers an environment-friendly robust performance for heavy-duty trucks, positioning the company favorably as the transition to green transportation solutions intensifies. The contract with NAFTAL to supply 60,000 liquefied petroleum gas systems over the next 18 months augurs well.
Shares of Westport have lost 73.5% over the past year compared with its industry’s 46.3% decline.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
WPRT carries a Zacks Rank #4 (Sell), currently.
Better-ranked players in the auto space include BorgWarner (BWA - Free Report) , LKQ Corporation (LKQ - Free Report) and Standard Motor Products (SMP - Free Report) , each carrying a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BorgWarner has an expected earnings growth rate of 23% for 2023. The Zacks Consensus Estimate for current-year earnings has been constant in the past 30 days.
BorgWarner’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. BWA pulled off a trailing four-quarter earnings surprise of 33.1%, on average. The stock has declined 27.4% over the past year.
LKQ has an expected earnings growth rate of 6.3% for 2023. The Zacks Consensus Estimate for current-year earnings has been constant in the past 30 days.
LKQ’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. LKQ pulled off a trailing four-quarter earnings surprise of 23.55%, on average. The stock has fallen 2.2% in the past year.
Standard Motor has an expected earnings growth rate of 5.2% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has risen 3.4% over the past year.