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Stock impact report

Westport Fuel Systems Reports First Quarter 2020 Financial Results

Westport Fuel Systems Inc - Common Shares (WPRT) 
Last westport fuel systems inc - common shares earnings: 3/17 04:30 pm Check Earnings Report
US:NASDAQ Investor Relations: wfsinc.com/investors/corporate-overview
Company Research Source: GlobeNewswire
VANCOUVER, British Columbia, June 04, 2020 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (“Westport Fuel Systems”) (TSX:WPRT / Nasdaq:WPRT) reported financial results for the first quarter ended March 31, 2020 and provided an update on operations. All figures are in U.S. dollars unless otherwise stated. Key Results Consolidated revenues for the quarter ended March 31, 2020 decreased by $6.0 million to $67.2 million, or 8% over the same period last yearGross margin for the three months ended March 31, 2020 decreased by $12.9 million to $4.3 million, mainly due to a $10 million charge for a field service campaign for the replacement of a pressure release device recorded during the quarter. Not included in the charge is anticipated insurance recovery of 70% of these costsAdjusted EBITDA decreased to negative $3.6 million for the quarter ended March 31, 2020. Excluding the warranty charge, Adjusted EBITDA would have been $6.4 million for the quarterSuccessfully restarted majority of Show less Read more
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