Westport Innovations of Canada Surprises Analysts (But not EnergyTechStocks) As Company Turns Profitable
Submitted by EnergyTechStocks.com
Back in February EnergyTechStocks.com wrote that Westport Innovations Inc. of Canada was one of 10 companies that could “hit it big” in 2008. In March this web site wrote that Westport was positioned to take advantage of the multiple eco-crises that China is facing. In September we wrote that the company’s fiscal first quarter earnings showed that Westport was starting to soar and that investors would be well-advised to keep a close eye on this firm.
Apparently, analysts who follow the company weren’t looking closely enough, because last week Westport reported it was in the black again in its fiscal second quarter, surprising four analysts polled by First Call/Thomson Financial who were reportedly expecting the company to report a 19 cent-a-share loss. Westport also reported a whopping 84% increase in year-over-year revenue.
So let us reiterate: Westport appears to be worth keeping a close eye on.
Westport develops technology that enables engines to run on clean-burning gaseous fuels. The company appears positioned to keep doing well in coming quarters because it helps engines utilize natural gas, of which the U.S. presently has an abundance, as well as “waste” gasses (like landfill methane), thus making its technology attractive in a world striving to go “green.”
Vancouver-based Westport, which trades on NASDAQ, has a joint venture with industrial giant Cummins Inc. called Cummins Westport (CWI). This joint venture last month said that India’s Delhi Transport Corp. has ordered 3,125 buses that will run on natural gas using engines specially equipped with CWI equipment. That’s a big deal for a still-small firm, one that suggests other deals could be just down the road.
