Key Developments: Westport Innovations Inc (WPRT.O)
28.12USD
17 May 2013
$-0.07 (-0.25%)
$28.19
$28.16
$28.30
$27.80
722,764
893,877
$40.40
$21.93
Latest Key Developments (Source: Significant Developments)
Westport Innovations Inc Reiterates FY 2013 Revenue Guidance
Westport Innovations Inc reiterated guidance for fiscal 2013 consolidated revenue (excluding joint venture revenue) to be between $180 and $200 million, up 16% to 29% for 2013. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $185 million for fiscal 2013. Full Article
Westport Innovations Inc Issues CY 2013 Revenue Guidance In Line With Analysts' Estimates
Westport Innovations Inc announced that for calendar year 2013, it expects consolidated revenue to be between $180 million and $200 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $185 million for calendar year 2013. Full Article
Westport Innovations Inc Signs Development Agreement With Tata Motors Ltd
Westport Innovations Inc announced an agreement with Tata Motors Ltd to develop an engine for light- and medium-duty trucks and buses. Details of the combustion technology are being withheld for competitive reasons. Upon successful completion of the development phase, commercialization is expected to follow, with Westport supplying key natural gas engine components based on the proprietary technology being developed in this program. Full Article
Westport Innovations Inc. Reiterates CY 2012 Revenue Guidance
Westport Innovations Inc. reiterated its calendar year 2012 revenue guidance for growth of approximately 50% year over year with consolidated revenue expected to be between $400 and $425 million. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $412 million for calendar year 2012. Full Article
Westport Innovations Inc. Announces Second Agreement With General Motors For Advanced Engineering Development For Light-Duty Vehicles
Westport Innovations Inc. announced that it has entered into an additional agreement with General Motors for a second advanced technology development program. Westport and GM are developing two different combustion, controls and emissions approaches to natural gas engines, with the first cooperative technology project being announced in June 2011. This new program will optimize advanced natural gas technologies and applications for maximum CO2 reduction and fuel efficiency in light-duty vehicles. Full Article
Westport Innovations Inc. And Caterpillar Inc. Announces Agreement To Develop Natural Gas Technology For Off-Road Equipment
Westport Innovations Inc. announced that it has signed agreements with Caterpillar Inc. to co-develop natural gas technology for off-road equipment, including mining trucks and locomotives. Caterpillar and Westport will combine technologies including Westport High Pressure Direct Injection (HPDI) technology and Caterpillar's off-road engine and machine product technology, to develop the natural gas fuel system. Caterpillar will fund the development program. When the products go to market, Westport expects to participate in the supply of key components. While the agreements initially focus on engines used in mining trucks and locomotives, the companies will also develop natural gas technology for Caterpillar's off-road engines, which are used in a variety of electric power, industrial, machine, marine and petroleum applications worldwide. Development programs will start immediately for both new and existing engines, combustion technology and fuel systems. Commercial production is expected to begin in about five years. Full Article
Westport Innovations Inc.'s Westport Innovations (Australia) Pty Ltd. Announces Intention To Acquire Certain Assets Of Advanced Engine Components Limited
Westport Innovations Inc. announced that its wholly owned subsidiary, Westport Innovations (Australia) Pty Ltd., has entered into a business sale agreement (BSA) to purchase certain assets of Advanced Engine Components Limited (AEC) of Perth, Western Australia, for AUD1.45 million (approximately $1.6 million) to be paid in cash and assumed liabilities. Upon completion of the transaction, Westport will acquire AEC's Australian business assets including its intellectual property, key contracts, inventory and fixed assets. Westport will also assume AEC's Australian leased facility. Closing of the transaction is expected on or before March 31, 2012. Full Article
Westport Innovations Inc. Closes Offering Of Common Shares And Announces Underwriters' Exercise Of Over-Allotment Option
Westport Innovations Inc. announced the closing of its previously announced offering of common shares in the United States and Canada, including the exercise in full of the underwriters' option to purchase an additional 825,000 common shares at the offering price of $43.25 per share. With the exercise of the option, Westport issued a total of 6,325,000 common shares under the offering for gross proceeds of $273,556,250. Morgan Stanley & Co. LLC and Jefferies & Company, Inc. were the joint bookrunners for the offering. Other underwriters included Lazard Capital Markets LLC, Craig-Hallum Capital Group LLC, JMP Securities LLC, Canaccord Genuity Inc. and Northland Capital Markets in the United States, as well as Morgan Stanley Canada Limited in Canada. Rothschild Inc. acted as financial advisor to Westport in connection with the offering. The common shares issued under the offering have been listed on The NASDAQ Global Market and the Toronto Stock Exchange. Full Article
Westport Innovations Inc. Prices Offering Of Common Shares
Westport Innovations Inc. announced the pricing of its offering of common shares in the United States and Canada. Westport will offer 5,500,000 common shares at a price of USD43.25 per share, for gross proceeds of USD237,875,000. Westport has granted the underwriters of the offering an option to purchase an additional 825,000 common shares at the offering price during the period ending 30 days from the date of Westport's final prospectus supplement filed in connection with the offering to cover over-allotments, if any. If the over-allotment option is exercised in full, gross proceeds of the offering will be USD273,556,250. Morgan Stanley & Co. LLC and Jefferies & Company, Inc. are the joint book runners for the offering. Other underwriters include Lazard Capital Markets LLC, Craig-Hallum Capital Group LLC, JMP Securities LLC, Canaccord Genuity Inc. and Northland Capital Markets in the United States, as well as Morgan Stanley Canada Limited in Canada. The common shares issued under the offering will be listed on The NASDAQ Global Market. Westport has applied to list the common shares issued under the offering on the Toronto Stock Exchange, which listing will be subject to fulfillment of all of the listing requirements of the exchange. The offering is expected to close on or about February 27, 2012, subject to customary conditions. Full Article
Westport Innovations Inc. Reaffirms FY 2011 Revenue Guidance; Issues CY 2011 EPS Guidance Below Analysts' Estimates; Issues Q4 2011 Guidance; Comments On CY 2013 Revenue Guidance
Westport Innovations Inc. announced that for the calendar year of 2011, it is revising its revenue expectations and consolidated revenue is expected to be between $260 and $264 million. The increase from the Company's previous revenue expectation of approximately $240 to $250 million and expects to report a net loss per share between $1.26 and $1.28. For the fourth quarter of 2011, it expects to report consolidated revenue of $96 to $100 million and a net loss per share between $0.30 and $0.32. For the calendar year 2013, it expects year over year revenue growth of approximately 50%, with consolidated revenue expected to be between $400 and $425 million. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $(1.07) for calendar year 2011. Full Article
Westport Innovations signs gas-supply deal with China's ENN
Feb 28 - Canada's Westport Innovations Inc , a developer of natural gas-powered engines for trucks, said it would work with a Chinese company, ENN Group, to build gas stations to boost use of the fuel in North America and other parts of the world.
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