Westport Fuel Systems Inc (USA) (NASDAQ:WPRT)
The Q2 2017 financial release by Westport Fuel Systems Inc (USA) (NASDAQ:WPRT) supported a two-day run that moderated in the last half of today’s trading day. On Monday WPRT stock ended trading around $1.90. On Tuesday the stock gapped higher to open and ended at $2.20. WPRT shares gapped up to open again Wednesday morning and quickly hit $2.39 when sellers stepped in and proceeded to take the stock down throughout the day. WPRT stock closed at $2.23. Volume was about 3.5 times the daily average.
Westport Fuel Stock Chart:
Westport Fuel Systems Inc (USA) (NASDAQ:WPRT) is a transportation green technology company. Westport develops, manufactures, and markets clean-burning fuel systems and components. The company wants to change the way the world moves in a manner that creates value for their employees, customers, investors, and benefits the environment. Westport operates globally in more than 70 countries.
Westport Fuel Systems Inc (USA) (NASDAQ:WPRT) reported a Q2 2017 adjusted net loss of (-$0.12) per share from continuing operations. That loss was less than the street’s expected (-$0.15) loss and is likely what sent WPRT shares higher. Adjusted net income was reported at $0.04 per share. Total net loss from continuing operations amounted to $13.3 million. The reported net income for second-quarter 2016 was $3.4 million. Westport Fuel Systems posted Q2 consolidated revenues of $62.1 million, up 66.9% for the same period of the previous year and $7.1 million more than the consensus estimate. Growth was primarily driven by the addition of Fuel Systems’ revenues. Q2 consolidated gross margin increased to $15.8 million (25.4% of sales) from $8.2 million (21.9% of sales) recorded in Q2 of 2016. The improvement in gross margin came on the back of the Fuel Systems’ merger. Consolidated adjusted EBITDA amounted to a negative (-$5.3) million, compared with a negative (-$11.5) million in Q2 2016.
Westport Fuel Systems Inc (USA) (NASDAQ:WPRT) is up over 97% YTD, and up over 33% for the year.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.