VANCOUVER – Westport Innovations Inc. (TSX:WPT) reduced its year-over-year net loss substantially in the first quarter as revenue increased by more than a third.
The Vancouver-based maker of advanced natural gas engines and systems says its net loss for the three months ended March 31 fell to US$23.9 million or 38 cents per share from US$31.8 million or 57 cents per share in the same year-earlier period.
Revenue grew 39 per cent to US$41.9 million from US$30.1 million.
CEO David Demers said the company had made a significant improvement in adjusted EBITDA from operations, swinging from an average loss of approximately US$9.4 million to a $1.6-million loss.
“We are on track to achieve positive adjusted EBITDA from operations by the end of 2014 by continuing to increase sales, shipping committed products and applying cost and margin discipline,” Demers said.
“At the same time, we are confident that our investment projects will deliver shareholder value as these products come to market.”