November 3, 2010 / 9:24 PM / 8 years ago

UPDATE 1-Westport Innovations Q2 loss narrower than expected

* Q2 loss/shr $0.16 vs est loss $0.18/shr

* Revenue up 55 pct to $44.9 mln

* To offer common shares

Nov 3 (Reuters) - Westport Innovations Inc WPT.TO, a provider of alternative fuel and low-emissions transportation technologies, posted a narrower-than-expected quarterly loss, helped by strong growth in the North American refuse truck and school bus markets.

The company also said it plans to sell its common shares and use the proceeds to develop technology for original equipment manufacturers focused on light-duty industrial and automotive, and heavy-duty and high horsepower applications. For July-September, it reported a net loss of $6.3 million, or 16 cents a share, compared with a loss of $8.2 million, or 25 cents a shares, a year earlier.

Consolidated revenue at the company, which makes natural-gas engines serving the medium- and heavy-duty vehicle markets, rose 55 percent to $44.9 million.

Analysts on average were expecting a loss of 18 cents a share with revenue of $45.68 million, according to Thomson Reuters I/B/E/S.

Revenue at its Cummins Westport (CWI) unit rose 12 percent to $30.9 million. CWI, a joint venture with Cummins Inc (CMI.N), makes mid-range, spark-ignited natural gas engines for transit bus, shuttle and urban specialty vehicles.

Vancouver, British Columbia-based Westport’s shares, which have gained about 5 percent in value since the company reported first-quarter results in August, closed at C$19.50 Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Anne Pallivathuckal)

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