Mon, Nov. 16, 8:57 AM
- Jill Bodkin, a board member since 2008 and Chairman of the Board since 2014, has resigned as Chairman but remains a Director. Warren Baker will take her place. Separately, Doug King, a board member since 2012 and Chair of Audit Committee, has announced his resignation from the board.
- Westport (NASDAQ:WPRT) also intends to make room for three new proposed board members as part of its upcoming merger with Fuel Systems Solutions (NASDAQ:FSYS).
- Previously: Fuel Systems to be acquired by Westport in all-stock deal; shares halted (Sep. 01 2015)
Wed, Nov. 11, 9:11 AM
- Westport Innovations (NASDAQ:WPRT) -8% premarket after Q3 earnings fall far short of expectations and revenues decrease 12% Y/Y.
- WPRT cites the unfavorable impact of foreign currency translation from the euro to the dollar and weakness in its North American product lines such as Westport Wing Power System and Westport iCE PACK, both affected by volatility in energy pricing.
- WPRT reaffirms FY 2015 revenue guidance of $110M-$125M vs. $114M analyst consensus estimate.
- RBC Capital lowers its stock price target to $4 from $5.50, saying the balance sheet requires continued monitoring even while citing progress on cost controls and management confidence in its 2015 outlook and plans to raise ~$50M from non-core asset sales (Briefing.com).
Tue, Nov. 10, 5:40 PM
Tue, Nov. 10, 4:10 PM
Mon, Nov. 9, 5:35 PM
Mon, Nov. 9, 8:52 AM| Mon, Nov. 9, 8:52 AM | 2 Comments
Sat, Oct. 31, 12:51 PM
- The European Automobile Manufacturers Association issued a statement this week in which it forecasts that a "substantial number" of diesel models will have to be phased out earlier than anticipated.
- The harsh assessment was mirrored by several heavyweight CEOs at the Tokyo Motor Show. The major focus of the event has been next-gen concepts like hydrogen-powered cars and self-driving features, while execs such as Nissan's Carlos Ghosn have marginalized the future of diesel.
- Many automobile industry insiders have noted that diesel was in decline due to the focus on emissions even before Volkswagen (OTCQX:VLKAY) rocked the industry with a cheating scandal.
- The mix of technology, EV, hydrogen, and powertrain changes have kept analysts buzzing over the proper valuations to assign to major players. A reset of demand expectations in China also factors in significantly.
- Automobile industry stocks: DAN, BWA, MTOR, TRW, FDML, DLPH,GNTX, SMP, AXL, MPAA, ALV, MOD, DLPH, VC, THRM, WPRT, GM, F, TM, FCAU, HMC, OTCPK:NSANY, TSLA, OTCQX:VLKAY, OTCPK:DDAIF, OTC:HYMLF, OTCPK:BAMXY, TTM, TSLA, THRM, BWA, JCI, TEN, CPS, LDL, TOWR, OTCPK:PEUGF, OTC:RNSDF, OTCPK:RNLSY.
- Previously: Hydrogen and self-driving cars the talk at the Toyota Motor Show (Oct. 29)
Mon, Oct. 19, 8:08 AM
- Westport Innovations (NASDAQ:WPRT) announces new agreements with Volvo (OTCPK:VOLVY) governing the development, commercial launch and supply of High Pressure Direct Injection 2.0 technology in its heavy-duty trucks over the next several years.
- For competitive reasons, further terms and conditions of the commercial agreements have not been disclosed.
Fri, Oct. 16, 6:04 PM
- Westport Innovations (WPRT -6%) says it's appointed KPMG as new auditors, after Deloitte resigned at the company's request.
- The company says there are no reportable events to disclose, and no reservations in the report of Deloitte for its most recent audit.
- Shares fell 6% today and are now 50% below the stock's 52-week high from last October.
Fri, Oct. 9, 3:57 PM
- Westport Innovations (WPRT +13.9%) is surging today following yesterday's announcement that it had signed a market development agreement with Gazprom (OTCPK:OGZPY) focused on expanding the use of natural gas vehicles in Russia and the localization of manufacturing of WPRT's Emer brand natural gas products.
- Gazprom already has 200 compressed natural gas stations with plans to add 300 more by 2020; the Russian group forecasts CNG consumption in the country to grow from 400M cm in 2013 to 10.4B cm by 2020, and LNG consumption to grow from zero to 3.8M tons/year.
Tue, Oct. 6, 12:58 PM
- Westport Innovations (WPRT +6%) says the new ISL G Near Zero NOx natural gas engine, created through its joint venture with Cummins (CMI +0.9%), has become the first MidRange engine in North America to receive emission certifications from both the U.S. EPA and California's Air Resources Board to meet Near Zero NOx Emissions standards for medium-duty truck, urban bus, school bus and refuse applications.
- The venture says exhaust emissions will be 90% lower than the current EPA NOx limit of 0.2 g/bhp-hr and meets 2017 EPA greenhouse gas emission requirements.
Tue, Sep. 1, 10:02 AM
- Fuel Systems Solutions (NASDAQ:FSYS) agrees to be acquired by Westport Innovations (NASDAQ:WPRT) in an all-stock deal valued at ~$7.54/share; trading halted.
- The companies say the deal will create "a premier alternative fuel vehicle and engine company," resulting in a combined equity value of $351M based on Aug. 31 closing prices and combined annual revenues of $380M-$405M projected for 2015.
- The companies cite significant potential for improved profitability even in current volatile market conditions, including untapped savings and merger synergies in excess of $30M/year starting in 2016 and fully realized by 2018.
- Shares are scheduled to resume trading at 10:20.
Wed, Jul. 29, 4:19 PM
Thu, Jul. 9, 6:17 PM
- Westport Innovations (NASDAQ:WPRT) popped 8.8% in today's trade after reporting it had reached a major milestone in development of its high-pressure, direct-injection technology with Daimler for heavy-duty engines for the company's commercial trucks.
- Previously, WPRT had identified only a handful of other OEM partners for development of its technology for heavy-duty trucking.
- WPRT says the prototype HPDI engine met all technical targets, resulting in a €2.4M payment by Daimler.
- Earlier this week, WPRT said it was offering a propane version of the popular Ford F-150, to go along with its well-received compressed natural gas version.
Mon, Jun. 29, 10:38 AM
- Select auto supplier stocks are feeling the sharpest pinch in the consumer goods sector from the developments in Greece.
- Westport Innovations (WPRT -4.6%), Delphi Automotive (DLPH -3.3%), and Tower International (TOWR -1.8%) are all trading weaker than broad averages.
- Goodyear Tire & Rubber (GT -3.4%) and Cooper Tire & Rubber (CTB -1.8%) are also feeling pressure.
Fri, May 29, 10:39 AM
- Automobile industry supplier stocks are tilting lower after WABCO and Modine Manufacturing issued guidance below the expectations of analysts.
- F/X pressure and some uncertainty in the markets in Brazil and China are weighing on the sector.
- Decliners: WABCO (NYSE:WBC) -2.9%, Modine Manufacturing (NYSE:MOD) -2.5%, Meritor (NYSE:MTOR) -2.4%, Motorcar Parts of America (NASDAQ:MPAA) -2.3%, Westport Innovations (NASDAQ:WPRT) -2.0%, Federal-Mogul (NASDAQ:FDML) -1.8%, Stoneridge (NYSE:SRI) -1.3%, Lydall (NYSE:LDL) -1.3%, Cooper-Standard Holdings (NYSE:CPS) -1.2%.
Westport Innovations Inc is a provider of high-performance, low-emission engine and fuel system technologies utilizing gaseous fuels. Its segments include On-Road Systems, Applied Technologies, and Corporate and Technology Investments.
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