A couple of weeks ago, Westport Fuel Systems reported financial results for the fourth quarter and year ended December 31, 2021, and provided an update on operations.
Fourth quarter 2021 highlights
- Revenue of $82.7 million, a decrease of 1% over the same period last year, reflecting manufacturing delays caused by the shortage of semiconductors in heavy and light-duty businesses
- Net income of $5.3 million or $0.03 per share; adjusted EBITDA1 was $10.0 million, or a $1.9 million improvement year-over-year
- Completed refinancing of $20 million Term Loan from Export Development Canada
Full-year 2021 highlights
- Revenue of $312.4 million, up 24% vs. 2020 due to the continued recovery of sales volumes in the Original Equipment Manufacturer (OEM) and Independent Aftermarket (IAM) businesses
- Net income of $13.7 million, or $0.09 per share, compared to a net loss of $7.4 million in the prior year and Adjusted EBITDA of $17.5 million, compared to $14.7 million in the prior year
- Announced a project with truck and bus manufacturer Scania to apply HPDI 2.0 with hydrogen to the latest Scania commercial vehicle engine
- Announced a collaboration with Tupy and AVL to develop a highly efficient hydrogen internal combustion engine using HPDI 2.0 for commercial vehicle applications
- Completed the acquisition of Stako, a world-leading manufacturer of Liquified Petroleum Gas Fuel Storage for a total purchase price of $7.1 million
- Awarded a tender issued by NAFTAL for the supply of 60,000 liquefied petroleum gas systems
- Completed an over-subscribed equity offering for net proceeds of $120.7 million, further strengthening the company’s balance sheet
- Completed the refinancing of a $20.0 million Term Loan from Export Development Canada
- Attributable Cummins Westport Inc. net income of $33.0 million. On February 7, 2022, Westport agreed to sell 100% of its shares in CWI to Cummins Inc. for proceeds of approximately $22.2 million, along with its interest in the joint venture’s intellectual property for an additional $20.0 million. They received proceeds of $31.4 million, net of a $10.8 million holdback, after the closing date.