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Tag: WPRT Stock

  • Bullish Momentum: Westport Fuel (WPRT) Stock Jumps 20%

    Bullish Momentum: Westport Fuel (WPRT) Stock Jumps 20%

    During the recent trading session, the shares of Westport Fuel Systems Inc. (NASDAQ: WPRT) experienced a bullish upswing, marking a notable increase of 20.04% to settle at $6.65. This surge in Westport’s stock value ensued subsequent to a significant announcement made by the company.

    Westport (WPRT) disclosed the formalization of an investment agreement aimed at establishing a joint venture in collaboration with Volvo Group, geared towards expediting the commercialization and global integration of Westport’s HPDI fuel system technology, particularly targeting long-haul and off-road applications (referred to as the “JV”).

    The finalization of this venture remains contingent upon fulfilling specific closing prerequisites, inclusive of regulatory and governmental endorsements. The operationalization of the JV is expected post the formal conclusion, anticipated to take place in the second quarter of 2024.

    This strategic accord underscores Westport’s commitment to fortify its existing partnership with Volvo Group and advance the deployment of HPDI technology. WPRT continues its trajectory of innovation and strategic investment in robust partnerships with esteemed entities that share mutual objectives, with Volvo Group being a prime example.

    Driven by a unified aspiration for a greener future, Westport endeavors to foster further collaboration, delivering tangible solutions to decarbonize the long-haul and off-road transportation sectors. Westport will contribute local business endeavors, intellectual property, and fixed assets to the JV, as previously communicated.

    Volvo Group will secure a 45% stake in the JV for approximately US$28 million, payable upon closure, in addition to a potential US$45 million contingent upon the JV’s subsequent performance. Furthermore, in a separate announcement, Westport has rescheduled the unveiling of its audited financial outcomes for the fourth quarter and fiscal year ending December 31, 2023.

    The release is now slated for Monday, March 25, 2024, post the market closure. Previously, WPRT had scheduled the financial disclosure for March 18, 2024. A conference call and webcast to deliberate upon the financial results and other corporate developments will be convened on Tuesday, March 26, 2024. The rescheduling aligns with the Company’s recent JV declaration, illustrating prudent consideration.

  • Q4 Financial Statement Issuance: Westport Fuel Systems Inc. (WPRT) Stock Rebounds in Aftermarket

    Westport Fuel Systems Inc. (WPRT) is a leading global driver for a ‘cleaner tomorrow’ cause. It is a major provider of unconventional fuel delivery platforms for low-carbon fuels to the international automotive business. The company’s advanced Fuel Systems technology brings the fuel efficiency and performance utilized in transportation applications.

    WPRT stock price during the regular trading on March 14, 2022, fell by 4.86% to be $1.37. Its price inclined gradually by 3.65% at the last check of the aftermarket.

    WPRT: Key Financials

    On March 14, 2022, WPRT released unaudited fourth quarter 2021 financials for three months ended December 31, 2021. Some important highlights are shared here.

    Revenue

    Total revenue was $82.7 million in Q4 of fiscal 2021 corresponding to $83.9 million in the corresponding quarter of 2020. The company’s revenue was decreased by 1% over the yearly span.

    EPS

    Basic and diluted net earnings in the fourth quarter of 2021 were $5.3 million or $0.03 per share compared to $4.1 million or $0.03 per share for the corresponding quarter of 2020. Its net earning increased year-over-year.

    WPRT: Events and Happenings

    On March 8, 2022, WPRT trading halted and resumed multiple times. On February 17, 2022, WPRT announced its Chief Executive Officer David Johnson presented the company at the Water Tower Research on February 24. On February 07, 2022, WPRT and Cummins Inc. reported about their acquisition contract for the sale of the company’s stake in its joint venture with Cummins. Their joint venture contract ended with effect from December 31, 2021.

    On January 27, 2022, WPRT updated on joining a globally-acclaimed Hydrogen Council as its supporting member. The council is an international CEO-level advisory framework that provides a long-term visualization for hydrogen technology’s role in an energy transition.

    Conclusion

    WPRT stock lost 86% in the previous year primarily due to the pandemic restrictions exercised globally. Its recent stock surge in aftermarket trading is the result of the financial statement released as the company’s earnings gained momentum over the year. For the first quarter of FY2022, the company’s revenue range is $82.5 million versus -$0.02 EPS.

  • Westport Fuel Systems (WPRT) – Growing Through Challenges?

    Westport Fuel Systems Inc. (WPRT) has spiked 16.57% at $2.04 in pre-market trading hours on the last check Friday. Westport Fuel Systems (WPRT) stock lost -6.91% to complete the last trading session at $1.75. The price range of WPRT shares was between $1.74 and $1.94. WPRT traded 1.58 million shares, which was below its daily average of 1.84 million shares over 100 days.

    Westport Fuel Systems (WPRT) shares have dropped by -6.42% in the last five days, while they have lost -24.57% in the last month. WPRT is currently trading at a price to earnings ratio of 16.67 and a price to book ratio of 1.02.WPRT stock is surging after joining an international platform.

    What platform is WPRT a part of?

    Westport Fuel Systems (WPRT) is leading the charge for a greener future. WPRT is a prominent supplier of sophisticated fuel delivery components and systems to the worldwide automobile industry for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen.

    Technology from Westport Fuel Systems (WPRT) provides the performance and fuel economy required by transportation applications, as well as environmental benefits that address climate change and urban air quality issues. WPRT is headquartered in Vancouver, Canada, and has operations in Europe, Asia, North America, and South America. Its top global transportation brands service consumers in more than 70 countries.

    Westport Fuel Systems (WPRT) announced today that it has become a supporting member of the globally renowned Hydrogen Council. The Hydrogen Council is a worldwide CEO advisory council that provides a long-term vision for hydrogen technology’ crucial role in an energy transition for greener transportation solutions.

    The Hydrogen Council’s mission is to:

    • Raise awareness of the existing hydrogen solutions available and the work that has been done in this area.
    • Advocate for the critical role of hydrogen technology in achieving climate, energy security, and competitive goals, as well as improved deployment circumstances.
    • To achieve its objectives, it will collaborate with and provide suggestions to a number of key stakeholders, including politicians, the business community, international organizations, and civil society.
    • CEOs from Airbus, Bosch, BMW GROUP, Daimler, ENGIE, Honda, Hyundai, Iveco Group, Kawasaki, Mitsubishi, Shell, The Linde Group, Toyota, and Weichai are among the members of the Hydrogen Council.

    What will WPRT’s role be in collaborating with the council?

    The Hydrogen Council’s mission is to improve worldwide collaboration and industry collaboration in order to scale up hydrogen solutions for greener transportation. Green hydrogen in internal combustion engines and fuel cell cars will be critical in decarbonizing transportation, according to Westport Fuel Systems (WPRT). WPRT has committed to collaborating with the Hydrogen Council to develop hydrogen’s position in the clean energy transition as a worldwide leader in gaseous fuel options.

  • Here is why Westport Fuel Systems Inc. (WPRT) had a good Thursday?

    Westport Fuel Systems Inc. (WPRT) shares surged 25.83% in after-hours on Thursday, August 05, 2021, and closed the daily trading at $4.92 per share. In the regular trading session on Thursday, WPRT’s stock gained 3.71%. WPRT shares have risen 139.88% over the last 12 months, and they have moved down 4.40% in the past week. Over the past three months, the stock has lost 36.27%, while over the past six months, it has declined 53.23%. The company has a current market of $660.00 million and its outstanding shares stood at 168.80 million.

    WPRT Latest financial results announcement

    On August 05, 2021, Westport Fuel Systems Inc (WPRT) reported financial results for the second quarter ended June 30, 2021.

    Q2 2021 financial highlights

    • WPRT reported revenue of $84.7 million for Q2 2021 compared to $36.0 million inQ2 2020.
    • Operating expenses were $19.4 million in Q2 2021 compared to $10.5 million in Q2 2020.
    • In Q2 2021, net income (loss) was $17.2 million and net income (loss) per share was $0.11 compared to $3.0 million and net income(loss) per share was $0.02 in Q2 2020.
    • Adjusted EBITDA was $6.2 million in Q2 2021 which was the same in Q2 2020.

    WPRT collaboration with TUPY and AVL

    On July 07, 2021, TUPY, Westport Fuel Systems Inc. (WPRT), and AVL List GmbH, jointly announced a collaboration to develop a highly efficient hydrogen (H2) internal combustion engine (ICE) for heavy goods transportation. The direct collaboration aims at combining advanced material and casting technologies with the latest H2 ICE technology using high-pressure direct injection (HPDI).

    WPRT closed a public offering of common shares

    On June 08, 2021, Westport Fuel Systems Inc. (WPRT) closed its previously-announced underwritten marketed public offering of common shares in the United States and Canada for gross proceeds to the Company of US $115,115,000. The Company issued a total of 20,930,000 shares, including 2,730,000 shares following the exercise in full by the underwriters of their over-allotment option. The shares were issued at a price to the public of US $5.50 per share.

    The net proceeds from the offer will be used for capital expenditures to expand and automate the production capacity of the Company’s high-pressure direct injection products to meet customer demand.

    Acquiring Stako sp. z o.o.

    On May 28, 2021, Westport Fuel Systems Inc. (WPRT) reached an agreement to acquire Stako sp. z o.o., (Stako) in a transaction valued at €5 Million.

    Stako is a world-leading manufacturer of LPG fuel storage, based in Słupsk, Poland, supplying the aftermarket and original equipment manufacturer market segments through a worldwide network of dealers.

    Conclusion

    The WPRT stock surged on Thursday after the company announced its financial results which beat the earning and revenue estimates. There are high chances that it will continue its momentum on the last trading day of the week.

  • Will This Help The WPRT Stock To Gain Momentum?

    Will This Help The WPRT Stock To Gain Momentum?

    At the start of the regular session today, shares of Westport Fuel Systems Inc. (WPRT) fumbled under 1%. Westport stock gained 2.18% to trade at $5.15 in the premarket session. WPRT stock fell by 1.56% last trading session, finishing at $5.04. There were 1.41 million shares traded last trading session, below the average daily volume of 2.25 million shares traded over the last 50 days. In the last five days, WPRT stock has dropped -6.84%; however, it has lost -8.53% over the last month.

    Over the last three months, WPRT stock prices have lost -29.11%. This year, WPRT stock prices have lost -5.44 percent. Additionally, WPRT stock is being traded at a price to earnings ratio of 148.24, while its price to sales ratio is 3.25. Since the announcement of the collaboration WPRT stock has gained momentum in premarket trading.

    WPRT collaborated with whom?

    Westport’s mission is to power a cleaner tomorrow through innovation. In the global automotive industry, WPRT is a leading supplier of advanced components and systems for fuel delivery of clean, low-carbon fuels including natural gas, renewable natural gas, propane, and hydrogen.

    Using WPRT’s technology, transportation applications can achieve the fuel efficiency and performance they require, while addressing climate change and urban air quality challenges. As a global transportation company headquartered in Vancouver, Canada, WPRT’s global brands serve customers in more than 70 countries through operations across Europe, Asia, North America and South America.

    Together, Westport, TUPY and AVL announced today that they have formed a collaboration for the development of one of the most efficient hydrogen (H2) internal combustion engines (ICEs) ever devised so far for transportation of heavy goods.

    • Using high pressure direct injection technology (HPDI), the direct collaboration will combine advanced materials and casting technologies.
    • TUPY is a world-leading manufacturer of high-performance structural components such as castings and machinings.
    • The German company AVL is the world’s largest independent company for developing, simulating and testing automotive products.
    • A joint effort between TUPY, WPRT, and AVL will be undertaken to develop an HPDI hydrogen ICE that will improve fuel efficiency and reduce fuel consumption.
    • It is necessary to use superior materials, castings, and machining technologies to deal with high peak firing pressures.
    • Early this year, AVL and the Graz University of Technology collaborated to develop the AVL Hydrogen Engine.
    • Also, WPRT has successfully started and operated heavy-duty ICEs using HPDI on H2.
    • AVL, TUPY, and WPRT plan on launching the first testbed results early in 2022.

    What does WPRT gain from this collaboration?

    By working with AVL and TUPY, Westport (WPRT) is demonstrating that an H2 HPDI solution is capable of meeting the performance and efficiency requirements demanded by the market, leveraging billions of dollars of existing research and development expertise available over the past century.

    OEMs can get carbon-neutral technology quickly, cost-efficiently, and without sacrificing performance with hydrogen HPDI. On a proven technology platform, WPRT contends HPDI already powers thousands of trucks, helping to reduce or nearly eliminate greenhouse gases.