Every Monday we feature “A Stock to Sell” as our daily post. With every stock or investment we recommend as a sell, we give you a full explanation of why we advise against investing in it at this time.
Westport Innovations (symbol WPT on Toronto; www.westport.com) develops technology that lets engines operate on gaseous fuels, such as natural gas or hydrogen.
The company also has a 50/50 joint venture with Cummins Inc. (symbol CMI on New York) called Cummins Westport Inc. The partnership sells a range of low-emission alternative-fuel engines for medium-duty trucks.
In the nine months ended September 30, 2014, Westport’s revenue fell 7.4%, to $103.2 million from $111.4 million a year earlier (all figures except share price and market cap in U.S. dollars). It lost $84.7 million, compared to a year-ago loss of $96.0 million. Per-share losses narrowed to $1.34 a share from $1.72 on fewer shares outstanding.
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Investment advice: Share price has fallen over 90% from 2012 peak
For investors who are pursuing a pro-environment, anti-pollution theme, Westport has been an on-and-off favourite. It shot up from $10 a share in the fall of 1999 to more than $90 in the spring of 2000. By early 2003, it had dropped to around $5. It kept returning to that price for six years, following a series of temporary rises. In 2009, it began rising and hit $49.68 in March 2012.
It then set off on its ongoing tailspin, which has so far knocked it down by 92% from its 2012 peak. At $4.20 it is significantly cheaper than it was in 1999. This, though, is where it belongs.
Westport has been working at establishing itself for 15 years and has yet to achieve any lasting success. It’s at greater risk than ever of losing out to alternative technology from a better-established competitor.
The company would have to sell a lot of its technology to bring in the revenue it needs to justify even its current stock price, let alone go higher. To top things off, today’s low oil (and gasoline) prices make switching to natural gas much less attractive.
We don’t recommend Westport Innovations. If you own the shares, we think you should sell.
Tomorrow we look at the Canadian airline that has had 38 consecutive profitable quarters.
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