Westport Innovations Inc., the global leader in natural gas engines, reported financial results for the second quarter fiscal 2011 ended September 30, 2011 (FY2011).
“ Westport posted a record quarter with revenue of $81 million, an increase of 80% over the same period last year, ” said David Demers, CEO of Westport Innovations . “ With strong growth in all areas of our business, we now expect consolidated revenue for the year to reach between $240 and $250 million, representing growth of approximately 70% over calendar 2010. ”
“ A few years from now, we expect that, looking back, 2011 will be seen as the tipping point for the use of natural gas as a transportation fuel. We are working with 3 of the top 4 heavy-duty engine manufacturers around the world, and more than 60 OEMs; our LD business works with 7 of the top 10 automotive OEMs. This quarter, we announced a co-marketing agreement with Shell, the largest and most sophisticated liquefied natural gas (LNG) production company in the world, that would improve the economic case for acquiring LNG vehicles along with the infrastructure, providing a complete, cost-effective solution for fleet owners who want to unlock the savings, price stability, and environmental performance advantages of LNG. ”
Second Quarter Financial and Business Highlights
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Source: Westport Innovations, November 2, 2011