CA - Westport Fuel Systems Inc. (WPRT) Q1 2024 Earnings Call Transcript

2024-05-09 12:58:02 ET

Westport Fuel Systems Inc. (WPRT)

Q1 2024 Earnings Conference Call

May 09, 2024 10:00 AM ET

Company Participants

Ashley Nuell – Senior Director, Investor Relations

Dan Sceli – Chief Executive Officer and Director

Bill Larkin – Chief Financial Officer

Conference Call Participants

Colin Rusch – Oppenheimer

Chris Dendrinos – the RBC Capital Markets

Rob Brown – Lake Street Capital Markets

Amit Dayal – H.C. Wainwright

Jeff Osborne – TD Cowen

Mac Whale – Cormark Securities

Eric Stine – Craig-Hallum

Presentation

Operator

Good morning. My name is Ennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the Westport Fuel Systems Q1 2024 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

Ms. Ashley Nuell, you may begin your conference.

Ashley Nuell

Thank you. Good morning, everyone. Welcome to Westport Fuel Systems first quarter conference call for 2024. This call is being held to coincide with the press release containing Westport's financial results that was issued yesterday. On today's call, speaking on behalf of Westport is Chief Executive Officer and Director, Dan Sceli; and Chief Financial Officer, Bill Larkin.

Attendance on this call is open to the public, but questions will be restricted to the investment community. You are reminded that certain statements made on this conference call and our responses to certain questions may constitute forward-looking statements within the meaning of the U.S. and applicable Canadian securities law. And as such, forward-looking statements are made based on our current expectations and involve certain risks and uncertainties.

With that, I'll turn the call over to you, Dan.

Dan Sceli

Thanks, Ashley. Good day, everyone. Today I will be recapping our Q1 results and providing color on our 2024 strategic priorities. I will also be sharing an update on the JV with Volvo and touching on the recently announced Zero Emission Vehicle, or ZEV, legislation. Then I'll turn the call over to Bill to walk us through our Q1 results in more detail. So, touching first on our financial results, Q1 2024 revenues were down 6% year-over-year, primarily due to decreased volumes in our delayed OEM business as a key customer works through their existing inventory although we are seeing volumes begin to tick back up here in May. On the cost side of the equation, we have been aggressive in cost cutting and have begun to make changes. As you will know, some of these adjustments will take time before we see the benefits in our financial statements. As I mentioned, at year end, nothing is off limits with respect to reducing expenditures....

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