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Westport Innovations Inc. Lowers Guidance, Shares Down 23%

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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:

  1. Uncertainty in Europe, Russia and China, which has impacted the Applied Technologies business.
  2. Revised development schedule will defer related service revenue milestone payments in the near term.
  3. 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.

Posted-In: News Guidance Markets

 

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