WPRT - Why Shares of Westport Fuel Systems Are Crashing Today
After jumping yesterday on the weekend's news regarding the Inflation Reduction Act, shares of Westport Fuel Systems (NASDAQ: WPRT) are giving back most of those gains today. As of 3:01 p.m. ET, Westport's stock is down 22.3%.
The stock's move today reflects investors' reactions to the second-quarter 2022 earnings report that the company, a manufacturer of clean energy automotive parts, released after the market closed on Monday.
Failing to meet analysts' top-line estimates of $86.6 million, Westport reported revenue of $80 million. While it came up short of expectations, the company achieved a 1% increase in sales compared to the same period last year.
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Why Shares of Westport Fuel Systems Are Crashing Today