NEW YORK (TheStreet) -- Shares of Westport Innovations (WPRT) - Get Report plunged 18.84% to $8.53 in after-hours trading Tuesday after the alternative fuel developer reduced its full-year revenue guidance.
The company now expects revenue for the fiscal year 2014 in the range of $130 million to $140 million, down from its previous forecast of $175 million to $185 million and below analysts' expectations of $174 million.
Westport cited three factors for its reducing the guidance. Ongoing uncertainty in Westport's primary markets of Europe, Russia and China, has affected revenue in the Applied Technologies business.
Secondly, "key OEM development partners are moving to the newly co-developed Westport HPDI 2.0 injectors, which are expected to lower the cost of the system and provide benefits...but the revised development schedule will defer related service revenue milestone payments in the near term," the company said.
Finally, an unidentified Westport customer who placed a major order for Westport iCE PACK LNG Tank Systems has not been able to assure Westport that it would be able to fulfill its obligations for the order, so Westport will not ship the product to the customer until further notice.
The stock hit a 52-week low of $10.37 during regular trading hours on Tuesday.