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Westport Fuel Systems Inc. (WPRT - Free Report) incurred a loss of 22 cents per share in the third quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of 41 cents. The company had incurred a loss of 68 cents in the year-ago period.
WPRT registered consolidated revenues of $66.2 million, missing the Zacks Consensus Estimate of $67 million. The top line also fell from $77.4 million generated in the corresponding quarter of 2023. The company incurred an adjusted EBITDA loss of $0.8 million compared with a loss of $3 million recorded in the year-ago period.
Stay up-to-date with the quarterly releases: See Zacks Earnings Calendar.
Westport Fuel Systems Inc. Price, Consensus and EPS Surprise
From the third quarter of 2024, Westport has started reporting its results under five reportable segments: Cespira, Light-Duty, High-Pressure Controls and Systems, Heavy-Duty OEM and Corporate. Cespira is Westport’s HPDI joint venture with Volvo Group.
Cespira: The segment reported net sales of $16.2 million and incurred an operating loss of $5.3 million in the third quarter of 2024.
Light-Duty: Net sales of the segment totaled $61.5 million, which increased from $60.2 million in the third quarter of 2023 and surpassed our estimate of $53.2 billion. The upside was mainly due to higher sales in light-duty OEM and IAM businesses.
The segment reported an operating income of $2.4 million against the year-ago quarter’s operating loss of $3 million. The metric surpassed our estimate of $1.9 million. Gross profit rose to $13.9 million (23% of revenues) from the year-ago period’s $12 million (20% of revenues), primarily due to an increase in sales volumes, a change in sales mix with higher sales to European customers and lower sales in developing regions.
High-Pressure Controls and Systems: Net sales of the segment totaled $1.6 million compared with $3.7 million in the year-ago period. The figure missed our estimate of $3 million. A slowdown in building hydrogen infrastructure has resulted in slower adoption of hydrogen-powered solutions in automotive and industrial sectors, which resulted in a year-over-year decline. The segment incurred an operating loss of $1.2 million compared with the operating loss of $0.4 million reported in the corresponding quarter of 2023. The loss was narrower than our estimate of a loss of $1.3 million.
In the reported quarter, gross profit fell $0.6 million to $0.4 million, representing 25% of revenues due to lower sales volume. The company’s gross profit was $1 million or 27% of revenues in the third quarter of 2023.
Heavy-Duty OEM: Net sales of the segment, which includes revenues from the HPDI business from Jan. 1, 2024, to June 3, 2024, totaled $3.1 million. The company reported $13.5 million in the year-ago quarter. The metric missed our estimate of $11.4 million. The year-over-year decline resulted from the transition of this business to Cespira and the consequent change in accounting method. The segment reported an operating income of $0.9 million against the loss of $3.7 million reported in the corresponding quarter of 2023. We estimated an operating loss of $4.2 million.
Gross profit totaled $0.2 million (6% of revenues) compared with $0.2 million (1% of revenues) in the third quarter of 2023.
Corporate: The segment reported an operating loss of $1 million compared with an operating loss of $5 million reported in the year-ago period. The operating loss was narrower than our estimate of a loss of $3.2 million.
Financials
Westport had cash and cash equivalents (including restricted cash) of $33.26 million as of Sept. 30, 2024, down from $54.85 million at the end of 2023. Long-term debt decreased to $23.5 million as of Sept. 30, 2024, from $30.96 million as of Dec. 31, 2023.
The Zacks Consensus Estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.66% and 51.98%, respectively. EPS estimates for 2024 and 2025 have improved 75 cents and 88 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for TSLA’s 2024 sales suggests year-over-year growth of 2.85%. EPS estimates for 2024 and 2025 have improved by 22 cents and 18 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BYDDY’s 2024 sales and earnings suggests year-over-year growth of 25.07% and 31.51%, respectively. EPS estimates for 2024 and 2025 have improved by 35 cents and 39 cents, respectively, in the past 30 days.
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Westport Q3 Earnings Beat Expectations, Revenues Decline Y/Y
Westport Fuel Systems Inc. (WPRT - Free Report) incurred a loss of 22 cents per share in the third quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of 41 cents. The company had incurred a loss of 68 cents in the year-ago period.
WPRT registered consolidated revenues of $66.2 million, missing the Zacks Consensus Estimate of $67 million. The top line also fell from $77.4 million generated in the corresponding quarter of 2023. The company incurred an adjusted EBITDA loss of $0.8 million compared with a loss of $3 million recorded in the year-ago period.
Stay up-to-date with the quarterly releases: See Zacks Earnings Calendar.
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
From the third quarter of 2024, Westport has started reporting its results under five reportable segments: Cespira, Light-Duty, High-Pressure Controls and Systems, Heavy-Duty OEM and Corporate. Cespira is Westport’s HPDI joint venture with Volvo Group.
Cespira: The segment reported net sales of $16.2 million and incurred an operating loss of $5.3 million in the third quarter of 2024.
Light-Duty: Net sales of the segment totaled $61.5 million, which increased from $60.2 million in the third quarter of 2023 and surpassed our estimate of $53.2 billion. The upside was mainly due to higher sales in light-duty OEM and IAM businesses.
The segment reported an operating income of $2.4 million against the year-ago quarter’s operating loss of $3 million. The metric surpassed our estimate of $1.9 million. Gross profit rose to $13.9 million (23% of revenues) from the year-ago period’s $12 million (20% of revenues), primarily due to an increase in sales volumes, a change in sales mix with higher sales to European customers and lower sales in developing regions.
High-Pressure Controls and Systems: Net sales of the segment totaled $1.6 million compared with $3.7 million in the year-ago period. The figure missed our estimate of $3 million. A slowdown in building hydrogen infrastructure has resulted in slower adoption of hydrogen-powered solutions in automotive and industrial sectors, which resulted in a year-over-year decline. The segment incurred an operating loss of $1.2 million compared with the operating loss of $0.4 million reported in the corresponding quarter of 2023. The loss was narrower than our estimate of a loss of $1.3 million.
In the reported quarter, gross profit fell $0.6 million to $0.4 million, representing 25% of revenues due to lower sales volume. The company’s gross profit was $1 million or 27% of revenues in the third quarter of 2023.
Heavy-Duty OEM: Net sales of the segment, which includes revenues from the HPDI business from Jan. 1, 2024, to June 3, 2024, totaled $3.1 million. The company reported $13.5 million in the year-ago quarter. The metric missed our estimate of $11.4 million. The year-over-year decline resulted from the transition of this business to Cespira and the consequent change in accounting method. The segment reported an operating income of $0.9 million against the loss of $3.7 million reported in the corresponding quarter of 2023. We estimated an operating loss of $4.2 million.
Gross profit totaled $0.2 million (6% of revenues) compared with $0.2 million (1% of revenues) in the third quarter of 2023.
Corporate: The segment reported an operating loss of $1 million compared with an operating loss of $5 million reported in the year-ago period. The operating loss was narrower than our estimate of a loss of $3.2 million.
Financials
Westport had cash and cash equivalents (including restricted cash) of $33.26 million as of Sept. 30, 2024, down from $54.85 million at the end of 2023. Long-term debt decreased to $23.5 million as of Sept. 30, 2024, from $30.96 million as of Dec. 31, 2023.
Zacks Rank & Other Key Picks
WPRT currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the auto space are Dorman Products, Inc. (DORM - Free Report) , Tesla, Inc. (TSLA - Free Report) and BYD Company Limited (BYDDY - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.66% and 51.98%, respectively. EPS estimates for 2024 and 2025 have improved 75 cents and 88 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for TSLA’s 2024 sales suggests year-over-year growth of 2.85%. EPS estimates for 2024 and 2025 have improved by 22 cents and 18 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BYDDY’s 2024 sales and earnings suggests year-over-year growth of 25.07% and 31.51%, respectively. EPS estimates for 2024 and 2025 have improved by 35 cents and 39 cents, respectively, in the past 30 days.