November 1, 2011 / 8:35 PM / 7 years ago

UPDATE 2-Westport sees natgas fuelling rev growth

* Sees FY11 revenue rising 70 pct to $240-$250 mln

* Q2 loss/shr $0.27 vs loss/shr $0.16

* Q2 revenue doubles to $81 mln (Adds details on segments, updates share movement)

Nov 1 (Reuters) - Westport Innovations , which develops natural gas-powered engines for vehicles, forecast a 70 percent growth in its full-year revenue, as it expects to gain from the rising use of natural gas as a transportation fuel.

The company, which recently entered a supply contract with Ford Motor , expects revenue to rise to $240-$250 million.

“A few years from now, we expect that, looking back, 2011 will be seen as the tipping point for the use of natural gas as a transportation fuel,” Chief Executive David Demers said in a statement.

Vancouver-based Westport had also tied up with General Motors in June to make natural gas engines for lighter vehicles.

The company’s joint venture with Cummins Inc , Cummins Westport Inc (CWI), posted a net income of $4.7 million compared with $2.6 million a year ago. Revenue at the unit rose 59 percent.

“The North America refuse truck market is continuing to be one of the key contributing factors as customers have exhibited a growing preference for CWI’s clean and efficient natural gas engines,” the company said in a statement.

July-September net loss was $13.2 million, or 27 cents a share, compared with a loss of $6.2 million, or 16 cents a share, a year ago. Revenue, however, nearly doubled to $81 million from $44.9 million last year.

Westport’s U.S.-listed shares were up about 1 percent at $29.15 in after-market trade on Tuesday. They closed at $28.88 on Nasdaq. (Reporting by Gowri Jayakumar in Bangalore; Editing by Roshni Menon)

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