Why Westport Fuel Systems Inc.'s Shares Popped 15% Today
Shares of natural gas technology company Westport Fuel Systems Inc. (NASDAQ: WPRT) jumped as much as 15.2% in trading Tuesday, after the company posted second-quarter earnings. A year after it merged with Fuel Systems Solutions, revenue is surging, margin is up, and the company is nearly back to profitability. Investors are liking what they see, and as of 3:55 p.m. EDT, shares were still up 12.7% on the day.
Revenue jumped 67% to $62.1 million, gross margin increased 350 basis points to 25.4%, and net loss from continuing operations was $13.3 million, an improvement from a $39.5 million adjusted net loss a year ago. Management touted non-core asset sales that have generated over $100 million in cash and the reduction of $30 million in run-rate costs a year ahead of schedule as reasons for the major financial improvement.
Image source: Getty Images.
Source: Fool.com
Westport Innovations Inc. Aktie
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