Westport: Joint Ventures Hide Major Catalysts
Stone Fox Capital • 18 Comments
Stone Fox Capital • 18 Comments
The Future Of Westport Innovations
Gary Bourgeault • 35 Comments
Gary Bourgeault • 35 Comments
Mon, Jul. 25, 12:00 PM
Thu, Jul. 21, 11:57 AM
- Auto parts stocks are rallying after strong reports from Dana Holding (DAN +9.7%), Johnson Controls (JCI +3.4%), and General Motors.
- GM showed strong results in North America and issued reassuring guidance, while both Dana and Johnson beat on the top line.
- Sector movers: BorgWarner (BWA +2%), Accuride (ACW +3.2%), Fenix Parts (FENX +4.8%), Tenneco (TEN +3.6%), Westport Fuel Systems (WPRT +4%), Cooper-Standard Holdings (CPS +2.8%), and Meritor (MTOR +2.2%).
- Previously: GM +4% as profit surges, full-year guidance raised (July 21)
- Previously: More on Dana Holding's Q2 (July 21)
Mon, Jul. 18, 12:01 PM
Tue, Jun. 28, 12:00 PM
Fri, Jun. 3, 12:06 PM
Wed, Jun. 1, 5:41 PM
Mon, May 16, 10:54 AM
- Fuel Systems Solutions (FSYS +2%) co-founder Pier Antonio Costamagna issues a statement on the company's upcoming merger with Wesport Innovations (WPRT +0.5%). The snippets below tell you pretty clearly which way Costamagna is voting with his 8.7% stake.
- "It is stunning to me the FSS Board continues to move ahead with this merger in light of the consistent and alarming state of Westport."
- "FSS shareholders are receiving no premium at the current implied offer, which only continues to decline."
- "FSS will be a significant contributor but under the Amended Merger Agreement will receive an inadequate stake in the combined company."
- Full statement
- Now read Fuel Systems Solutions Shareholders Must Reject The Proposed Merger With Westport Innovations
Thu, May 12, 4:26 PM
- Westport Innovations (WPRT -7.2%) logged a miss on top and bottom lines in its Q1 report, facing "macro headwinds in multiple end markets."
- The company logged a loss of $0.36/share and total EBITDA was negative as well, though an adjustment brought EBITDA at Westport Operations to break-even. Overall, EBITDA was -$10.6M after adjustment, short of a consensus for -$7.9M.
- Revenue at units: Cummins Westport, $65M (down 11%); Weichai Westport, $29.9M (down 46.5%).
- It noted five keys to 2016 strategy: Advance commercialization of Westport HPDI 2.0; Completing a merger with Fuel Systems Solutions (NASDAQ:FSYS) in early June; rationalize its portfolio (wrapping non-core asset sales); strengthening its balance sheet; and driving cost efficiencies within merged entities.
- Westport will offer full-year guidance after it closes the merger with Fuel Systems.
- Conference call to come at 5 p.m. ET.
- Press release
Tue, Mar. 29, 5:42 PM
Mon, Mar. 7, 2:07 PM
- Select auto parts stocks are higher after Westport Innovations (WPRT +14%) and Fuel Systems Solutions (FSYS +4.9%) update their merger agreement.
- M&A speculation has increased this year in the auto parts group.
- Sector movers include Fenix Parts (FENX +11.4%), Federal-Mogul (FDML +9.4%), Accuride (ACW +8.3%), Superior Industries International (SUP +7.5%), and Stoneridge (SRI +8.3%).
- Previously: Westport signs amendment to merger agreement with Fuel Systems (Mar. 07 2016)
Mon, Feb. 22, 10:19 AM
- Shipping stocks are on the move after the large jump in crude oil prices eases some anxiety over demand.
- Notable gainers include Diana Shipping (DSX +12.1%), Navios Maritime Partners (NMM +6.5%), Frontline (FRO +6.6%), and Scorpo Bulkers (SALT +5.9%).
- The trucking sector is also ahead of broad market averages off the oil news. ArcBest (ARCB +4.4%), Swift Transportation (SWFT +1.6%), Celadon Group (CGI +2%), and Knight Transportation (KNX +2.6%) (also upgraded) are on the rise.
- Railroad industry players CSX (CSX +3.8%) and Genesee & Wyoming (GWR +3.7%) are up sharply.
- On the vehicle manufacturing/supplier side, solid gainers include Meritor (MTOR +6.7%), Dana Holding (DAN +2.7%), Westport Innovations (WPRT +3.9%), Oshkosh (OSK +3.8%), Navistar (NAV +5.4%), and PACCAR (PCAR +2.3%).
- The Detroit Three are all in rally mode as well. Ford (NYSE:F) and GM (NYSE:GM) are up 2%, while Fiat Chrysler Automobiles (NYSE:FCAU) is 3.3% higher.
- Previously: Oil prices rebound, WTI heads back above $30 (Feb. 22 2016)
Thu, Jan. 21, 12:45 PM
Thu, Jan. 21, 11:07 AM
- Westport Innovations (WPRT +29.3%) has bolted out of the bucking chute this morning, pushing up shares 10.4% since the beginning of the year.
Tue, Jan. 19, 9:51 AM
- Westport Innovations (WPRT +4.2%) rises in early trade after receiving certification from the EPA for the compressed natural gas and bi-fuel CNG Westport WiNG Power System models of the Ford 5.0L F-150 trucks for Model Year 2016.
- The move marks the first time that Ford has offered gaseous prep in the 5.0L F-150 - the only half-ton pickup in the market offered by an original equipment manufacturer.
Mon, Jan. 11, 1:09 PM
- Westport Innovations (WPRT -4.5%) is halted on news it received financing of as much as $71.3M from Cartesian Capital Group.
- WPRT says the agreement will immediately provide $17.5M in non-dilutive capital with up to $53.8M in additional capital contingent on reaching key milestones and establishing new investment opportunities.
- As part of the deal, WPRT will appoint Cartesian founder and managing partner Peter Yu to its board.
Nov. 11, 2015, 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).
Westport Fuel Systems, Inc. engineers, manufactures and supplies alternative fuel systems and components. It offers brands for transportation and industrial applications. The company was founded on June 1, 2016 and is headquartered in Vancouver, Canada.
Sector: Industrial Goods
Industry: Pollution & Treatment Controls
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