VANCOUVER, Feb. 21, 2012 /CNW/ - Westport Innovations Inc. (TSX: WPT)
(NASDAQ: WPRT), the global leader in natural gas engines, today
announced it is revising its revenue expectations for the calendar year
ended December 31, 2011 with consolidated revenue expected to be
between $260 and $264 million. The increase from the Company's previous
revenue expectation of approximately $240 to $250 million now
represents more than 80% growth compared to Westport's reported
consolidated revenue of $144.4 million for the year ended December 31,
2010. For the twelve months ended December 31, 2011, Westport expects
to report a net loss per share between $1.26 and $1.28. For the three
months ended December 31, 2011, Westport expects to report consolidated
revenue of $96 to $100 million and a net loss per share between $0.30
For the calendar year ended December 31, 2012, Westport expects year
over year revenue growth of approximately 50%, with consolidated
revenue expected to be between $400 and $425 million.
Westport will disclose its financial results for the third quarter and
fiscal year 2011 ended December 31, 2011 on Wednesday, February 29,
2012 after market close. To coincide with such disclosure, Westport has
scheduled a conference call for Wednesday, February 29, 2012 at 2:00 pm
Pacific Time (5:00 pm Eastern Time).
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 March 7, 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 help
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 urban work
vehicles such as buses and refuse trucks. Westport LD division is one
of the global leaders for natural gas and 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 Twitter @WestportWPRT.
Forward looking Information Disclaimer
Note: This document contains forward-looking statement.
Forward-looking information is typically identified by words such as
"anticipate", "estimate", "expect", "forecast", "may", "will", "could",
"plan", "intend", "should", "believe", "outlook", "project",
"potential", "target" and similar words suggesting future events or
future performance. In particular, this press release contains
forward-looking information which includes statements regarding the
expected future revenue of Westport, demand for our products, the
future success of our business and technology strategies, investment,
cash and capital requirements, intentions of partners and potential
customers, the performance and competitiveness of our products and
expansion of product coverage, future market opportunities, speed of
adoption of natural gas for transportation and terms of future
agreements. These statements are neither promises nor guarantees, but
involve known and unknown risks and uncertainties and are based on 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 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,
global government stimulus packages, the acceptance of and shift to
natural gas vehicles in fleet markets, 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 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 the forward looking
statements except as required by National Instrument 51-102.
The projections and outlook for future revenues contained in this
document were approved by management of Westport as of the date hereof and have been included to provide readers with an estimate of certain
financial results that may be generated by Westport as it moves into a
new phase of its business. Readers are cautioned that such information
may not be appropriate for other purposes.
SOURCE Westport Innovations Inc.
For further information:
Vice President, Investor Relations & Communications
Westport Innovations Inc.