Westport Innovations Inc. Lowers Guidance, Shares Down 23%
Shares of Westport Innovations Inc. (USA) (NASDAQ: WPRT) are markedly lower in pre-market-trading after the company, which manufactures alternative fuels, lowered its full year guidance.
The company now expects revenue for 2014 to be $130 million to $140 million, down from the prior forecast of $175 million to $185 million.
Westport noted three reasons for the lowered guidance:
- Uncertainty in Europe, Russia and China, which has impacted the Applied Technologies business.
- Revised development schedule will defer related service revenue milestone payments in the near term.
- Uncertainty over a major order.
The stock, which had made a new 52-week closing low of $10.51 on Tuesday, is trading lower by 23.6 percent at $8.02 in the premarket.
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