NEW YORK (
reported a net loss of 21 cents a share on revenue $25.5 million after the market close on Wednesday.
The Street was expecting a loss of 22 cents per share from Westport Innovations on revenue of $32 million.
The Westport Innovations' earnings were short of the Street expectations on revenue and ahead of the Street by a penny on EPS, but both were improvements over the previous year's comparable quarter.
In the same quarter 2009, Westport Innovations reported a loss of 29 cents on revenue of $24.9 million.
In the most recent quarter, the natural gas vehicle company lost 32 cents - the Street had been looking for a loss of 16 cents. Westport outperformed on revenue in the most recent quarter, reporting net sales of $35.7 million. Even though Westport missed the Street mark after its last earnings on the bottom line, it rallied after the earnings announcement.
In early after-hours trading on Wednesday, Westport shares were down more than 3%, after two consecutive losing days on Tuesday and during regular trading Wednesday.
For the full year, the Street is expecting a loss of 75 cents from Westport, on revenue of $167 million.
Order data was mixed versus the prior year, with revenue from the joint venture with Cummins increasing from a year ago, but non-Cummins JV revenue down.
The earnings reports from the small group of natural gas vehicle plays are just getting started.
The earnings are not expected to be a rallying point for the stocks in this space, as the Street expects order growth to continue to be slow ahead of any final decision on Capitol Hill for energy legislation the provides support for these stocks. The Senate decided this week to punt on energy legislation until at least September. These natural gas vehicle stocks had been running up on hopes that the energy bill would pass before the August Congressional recess.
Fuel Systems Solutions
, which had focused exclusively on the European market until recently, reports on Thursday morning.
Clean Energy Fuels
, which is the leader in the natural gas vehicle refueling station market, is expected to report on August 9.
-Reported by Eric Rosenbaum in New York.
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