WPRT - Westport Fuel Q3 earnings beats estimates; launches ATM equity offering of $50M

Westport Fuel Systems ([[WPRT]] +4.5%) has established an at-the-market equity offering program to issue up to $50M of common shares to the public.The Company intends to use the net proceeds from the ATM Program, if any, to fund additional development of its High Pressure Direct Injection, research and development, and general corporate purposes.The company reported Q3 earnings better than expected, and revenues of $65.4M improved significantly from the second quarter, due to steady recovery in IAM and Light-Duty businesses and growth in HPDI 2.0 sales volumes, but continued to be impacted by COVID-19.Gross margin decreased compared to the prior year quarter due to lower overall sales, product mix, lower service revenue, contractual HPDI 2.0 price reductions and a $0.8M warranty charge.Overall net income and Adjusted EBTIDA were comparatively lower on Y/Y basis mainly due to lower sales volumes in IAM business from the continuing impact of COVID-19, and lower OEM margins due to

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Westport Fuel Q3 earnings beats estimates; launches ATM equity offering of $50M