VANCOUVER, Oct. 29, 2012 /CNW/ - Westport Innovations Inc. (TSX:WPT /
NASDAQ: WPRT), the global leader in natural gas engines, today announced
that its results for the third quarter ended September 30, 2012 will be
released on Thursday, November 8, 2012 after market close. To coincide
with the disclosure, Westport has also scheduled a conference call for
Thursday, November 8, 2012 at 2:00 pm Pacific Time (5:00 pm Eastern
Due to recent feedback from Original Equipment Manufacturers (OEM) and
fleet customers in North America and automotive OEM customers in
Europe, Westport has proactively updated its 2012 financial outlook.
Since earlier this year, Westport has secured strong growth and new
opportunities in all areas of its business; however, heightened
uncertainty in the economy and delayed availability of liquefied
natural gas (LNG) infrastructure has OEM customers sharply reducing
inventory and end customers delaying decisions to complete orders.
Based on these factors, Westport now expects to grow approximately 30%
year over year, with an anticipated revenue outlook for 2012 between
$340 million and $350 million, from its revenue base of $264 million
for 2011. Westport's previous 2012 revenue outlook was a range from
$400 million to $425 million.
"We have a strong balance sheet and our asset-light business model
allows us to remain competitively positioned," said David Demers, CEO
of Westport Innovations Inc. "To help mitigate further contraction in
overall transportation markets, we expect a number of key product
launches in our automotive, trucking and off-road applications in 2013
including the Cummins Westport ISX12 G and Weichai Westport 12L HPDI
engine. We will continue to monitor automotive and trucking markets and
make changes in operations if needed."
Live Conference Call & Webcast
The public is invited to listen to the conference call in real time by
telephone or webcast. To access the conference call by telephone,
please dial: 1-800-319-4610 (Canada & USA toll-free) or 604-638-5340.
The live webcast of the conference call can be accessed through the
Westport website at www.westport.com/investors.
Replay Conference Call & Webcast
To access the conference call replay, please dial 1-800-319-6413 (Canada
& USA toll-free) or 604-638-9010 using the pass code 1847. The replay
will be available until November 15, 2012. Shortly after the conference
call, the webcast will be archived on the Company's website and replay
will be available in streaming audio.
About Westport Innovations Inc.
Westport Innovations Inc. is a leading global supplier of proprietary
solutions that allow engines to operate on clean-burning fuels such as
compressed natural gas (CNG), liquefied natural gas (LNG), hydrogen,
and renewable natural gas (RNG) fuels such as landfill gas and helps
reduce greenhouse gas emissions (GHG). Westport technology offers
advanced LNG fueling systems with direct injection natural gas engine
technology for heavy-duty vehicles such as highway trucks and off-road
applications such as mining and rail. Westport's joint venture with
Cummins Inc., Cummins Westport Inc. designs, engineers and markets
spark-ignited natural gas engines for North American transportation
applications such as trucks and buses. Westport LD division is one of
the global leaders for natural gas and liquefied petroleum gas (LPG)
fuel in passenger cars, light-duty trucks and industrial applications
such as forklifts. To learn more about our business, visit our website
or subscribe to our RSS feed at www.westport.com, or follow us on
Financial Outlook Disclaimer
The 2012 financial outlook contained in this press release has been
provided for purposes of updating prior financial outlook information.
Readers are cautioned that reliance on such financial outlook
information for any other purpose may not be appropriate.
This press release contains forward-looking statements, including
statements regarding the consolidated revenue and revenue growth of
Westport for calendar year 2012, date for realization of deferred
customer orders, timing for launch and volume production of the CWI ISX12 G, projected
Westport HD unit sales in the fourth quarter of 2012, timing for
opening of LNG retail plazas, timing for commercial launch of Weichai
Westport's HPDI engine, timing and expectations for future cash flows, the demand for our
products, the future success of our business and technology strategies,
investment in new product and technology development and otherwise,
cash and capital requirements, intentions of partners and potential
customers, proportion of vehicles powered by natural gas and rate of
natural gas market penetration, the performance and competitiveness of
Westport's products and expansion of product coverage, future market
opportunities, speed of adoption of natural gas for transportation and
terms of future agreements as well as Westport management's response to
any of the aforementioned factors. These statements are neither
promises nor guarantees, but involve known and unknown risks and
uncertainties and are based on both the views of management and
assumptions that may cause our actual results, levels of activity,
performance or achievements to be materially different from any future
results, levels of activities, performance or achievements expressed in
or implied by these forward looking statements. These risks,
uncertainties and assumptions include risks and assumptions related to
our revenue growth, operating results, industry and products, the
general economy, conditions of and access to the capital and debt
markets, governmental policies and regulation, technology innovations,
fluctuations in foreign exchange rates, the availability and price of
natural gas and natural gas refuelling infrastructure, global
government stimulus packages, the acceptance of and shift to natural
gas vehicles, the relaxation or waiver of fuel emission standards, the
inability of fleets to access capital or government funding to purchase
natural gas vehicles, the sufficiency of bio methane for use in our
vehicles, the development of competing technologies, our ability to
adequately develop and deploy our technology as well as other risk
factors and assumptions that may affect our actual results, performance
or achievements or financial position discussed in our most recent
Annual Information Form and other filings with securities regulators.
Readers should not place undue reliance on any such forward-looking
statements, which speak only as of the date they were made. We disclaim
any obligation to publicly update or revise such statements to reflect
any change in our expectations or in events, conditions or
circumstances on which any such statements may be based, or that may
affect the likelihood that actual results will differ from those set
forth in these forward looking statements except as required by
National Instrument 51-102. The contents of any website, RSS feed or
twitter account referenced in this press release are not incorporated
by reference herein.
SOURCE: Westport Innovations Inc.
For further information:
Vice President, Investor Relations & Communications
Westport Innovations Inc.