Westport Innovations Inc. (WPT.TO) is down 15% and only $1 above year lows early Tuesday after cuts to its 2012 revenue outlook.
On a more positive note, WPT today announced an agreement with Tata Motors to develop an engine for light- and medium-duty trucks and buses. Details of the combustion technology are being withheld for competitive reasons.
On its outlook, WPT said: "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."
WPT also 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 pm Pacific Time (5 pm Eastern Time).
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