WESTPORT FUEL SYSTEMS INC (NASDAQ:WPRT) Q1 2020 Earnings Conference Call - Final Transcript

Jun 05, 2020 • 10:30 am ET


WESTPORT FUEL SYSTEMS INC (NASDAQ:WPRT) Q1 2020 Earnings Conference Call - Final Transcript


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Thank you for standing by. This is the conference operator. Welcome to the Westport Fuel Systems' First Quarter 2020 Results Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation there will be an opportunity to ask questions [Operator Instructions].

I would now like to turn the conference over to Shawn Severson with alphaDIRECT Advisors, Westport's Investor Relations representative. Please go ahead, Mr. Severson.

Shawn Severson

Thank you and good morning, everyone. Welcome to Westport Fuel Systems first quarter conference call, which is being held to coincide with the press release containing Westport Fuel Systems financial results that was distributed yesterday.

On today's call, speaking on behalf of Westport Fuel Systems is Chief Executive Officer David Johnson and Chief Financial Officer Richard Orazietti. Attendance on this call is open to the public and to media, but questions will be restricted to the investment community.

You are reminded that certain statements made in this conference call and our responses to various questions may constitute forward-looking statements within the meaning of the U.S. and applicable Canadian securities laws, and as such forward-looking statements are made based on our current expectations and involve certain risks and uncertainties.

Actual results may differ materially from those projected in the forward-looking statements, so you are cautioned not to place undue reliance on these statements. Information contained in this conference call is subject to, and qualified in its entirety, by information contained in the Company's public filings.

I'll now turn the call over to David. David?

David M. Johnson

Good morning. Thank you for joining our conference call to review Westport Fuel Systems Q1 2020 results. I sincerely hope that all of you, your colleagues, friends, and family are healthy and well and that you stay healthy and well. I've had a chance to speak with many of you since our 2019 year-end results call on March 17th.

It has certainly been a challenging time, but I've also been incredibly impressed with the resiliency and ingenuity of our team in the face of this global crisis. Our focus has now shifted from COVID-19 response to a safe and efficient post-COVID recovery.

As this pandemic made its way around the world, our teams have been following government guidelines and local protocols in each jurisdiction where we operate. Our people have shown tremendous fortitude and have safely and effectively resumed operations at all our locations.

Despite the near-term uncertainty and expected softer demand on the passenger vehicle side of our business, I'm confident that the need for affordable clean transportation solutions remains. It's encouraging to see that climate change hasn't fallen to the back burner, rather we're seeing signs that the green recovery is on.

Cost consciousness and renewed pragmatism mean that capex decisions will be heavily scrutinized. And with that scrutiny will come the realization that electric propulsion for long haul heavy-duty truck applications [Phonetic] is at best and expensive distant hope for the far off future.

Gaseous fuel solutions are proven, available, and