Natural-gas equipment company Westport Innovations Inc. said it narrowed its fiscal loss in the third quarter of 2013, which it called a “transition year,” while its joint venture with Cummins Inc. saw its profit increase.
Westport reported a $30.2 million loss in the third quarter, or 53 cents a share, compared with $32.5 million, or 59 cents, a year earlier. Revenue grew 51% to $46.5 million.
“2013 is an exciting transition year for us as we see the continued rapid development of markets for natural-gas vehicles,” Westport CEO David Demers said in an Oct. 30 statement. “As natural gas truly begins to penetrate our economy, the benefits of a step change in cost in transportation energy will be profound and far-reaching.”
Cummins Westport Inc., the joint venture that produces natural-gas truck engines, earned $7.9 million in the quarter, compared with $7 million last year, Westport said. Its revenue was $77.5 million, a 70% increase over 2012’s $45.5 million.