Reports Q4 revenue $78M, consensus $74.45M. "Amid a challenging macro environment in 2022, Westport was transitioning past its partnership with Cummins towards growth and a hydrogen future," said CEO David M. Johnson. "The termination and sale of the Cummins Westport joint venture along with the impact of foreign exchange negatively impacted both top and bottom line results. Absent the impact of foreign exchange, revenue would have increased by 9% year-over-year, a significant improvement given the environment our industry has faced. Our delayed OEM business, fuel storage, hydrogen components, and electronics products all saw significant sales growth in addition to growth in volumes to our OEM customers in India. Unfortunately, these strengths were offset by the impact of high natural gas prices on European market sales to light-duty and heavy-duty OEMs."
Published first on TheFly
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