VANCOUVER – Westport Innovations Inc. (TSX:WPT) lost US$37.6 million in its latest quarter compared with a loss of $14.5 million a year ago, as it increased development spending and prepared to launch several new products this year.
The natural gas engine technology company, which keeps its books in U.S. dollars, said the loss amounted to 68 cents per share in its latest quarter compared with a loss of $14.5 million or 30 cents per share a year ago.
Revenue for the quarter ended Dec. 31 totalled $39.9 million, down from $42.9 million.
For the full year, the company said it lost $98.8 million or $1.83 per share on $155.6 million in revenue. That compared with a loss of $60.2 million or $1.26 per share on $100.8 million in revenue in 2011.
Westport said it expects revenue to be between $180 million and $200 million for 2013.
Westport develops engines that use fuels such as compressed natural gas, liquefied natural gas, hydrogen and renewable natural gas fuels such as landfill gas.
The company also has several joint ventures including Cummins Westport Inc. and Weichai Westport Inc.
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Why does Westport keep losing money? It would seem that they should be making money with all the demand for truck conversions. Are expenses not being managed properly? Who are their competitors? Are they losing money?