Westport shares rise on new engine production next year
Nov 9 (Reuters) - Shares of Westport Innovations Inc , which develops natural gas-powered engines, rose as much as 11 percent in regular trading on Friday after the company said it would start production of a long-haul truck engine next year.
The engine developer, which also posted a wider third-quarter loss, said late on Thursday that limited production of Cummins Westport ISX12 G, a 12-litre heavy-duty natural gas engine, will start early next year.
"There is an anticipation that revenue will improve next year with the addition of some new product lines at Westport. In particular, they are bringing the ISX12 G engine to market for long-haul trucks," National Bank Financial analyst Rupert Merer said.
Cummins Westport is a joint venture between U.S. engine maker Cummins Inc and Westport formed in 2001.
Westport's loss widened to $32.5 million, or 59 cents per share, for the quarter ended Sept. 30, from $13.2 million, or 27 cents per share, a year earlier.
The company cut its full-year revenue growth forecast in October.
Shares of the Vancouver-based company, which has a market value of C$1.31 billion, closed up 9 percent at C$25.76 on Friday on the Toronto Stock Exchange.