Westport Fuel Systems Inc.’s (WPRT - Free Report) first-quarter 2018 adjusted net loss from continuing operations was 10 cents per share, narrower than the Zacks Consensus Estimate of a loss of 11 cents. Net loss per share from continuing operations was 12 cents per share in first-quarter 2017.
Also, total net loss from continuing operations in the reported quarter was $12.7 million compared with net loss of $12.8 million in first-quarter 2017.
Westport Fuel Systems logged consolidated revenues of $67.6 million in the reported quarter, up 13% year over year. Also, the top line surpassed the Zacks Consensus Estimate of $61.1 million. This upside was driven by the rise of euro vis-a-vis the U.S. dollar, solid sales in the European aftermarket and delayed original equipment manufacturing (OEM) business, and the launch of Westport HPDI 2.0 product.
During the quarter under review, consolidated gross margin decreased to $15.3 million (23% of sales) from $17.5 million (29% of sales) recorded in the year-ago quarter.
Consolidated adjusted EBITDA amounted to a negative $3.5 million compared with a negative $4.1 million in the prior-year quarter.
In the fourth-quarter earnings release, the company announced that effective January 2018, commensurate with the commercial launch of Westport HPDI 2.0, the company will manage and report results through three segments: Transportation, the CWI Joint Venture and Corporate.
In first-quarter 2018, CWI revenues decreased by $18.5 million from the same period last year to $52.2 million. This is mainly driven by lower volumes.
Zacks Rank & Other Stocks to Consider
Westport Fuel Systems currently carries a Zacks Rank #2 (Buy).
A few other top-ranked stocks in the auto space are Oshkosh Corporation (OSK - Free Report) , Gentex Corporation (GNTX - Free Report) and Ferrari N.V. (RACE - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Oshkosh has expected long-term growth rate of 18.3%. Shares of the company have risen 16.8% over the past year.
Gentex has expected long-term growth rate of 13%. In a year’s time, shares of the company have gained 16.7%.
Ferrari has expected long-term growth rate of 17.3%. Over the past year, shares of the company have gained 60.3%.
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