WESTPORT FUEL SYSTEMS INC (NASDAQ:WPRT) Q2 2020 Earnings Conference Call - Final Transcript

Aug 07, 2020 • 10:30 am ET


WESTPORT FUEL SYSTEMS INC (NASDAQ:WPRT) Q2 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 Second Quarter 2020 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.

Shawn Severson

Thank you and good morning, everyone. Welcome to Westport Fuel Systems' second 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're cautioned not to place undue reliance on those 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

Thank you, Shawn. Good morning everyone. I sincerely hope that all of you and your loved ones are healthy and well and that you're finding some time to enjoy this summer. Since we updated you with our Q1 results in early May, there have been strong signals for our green recovery in multiple jurisdictions around the world and associated stimulus spending to build a better, more resilient, and low-carbon economy. I believe in a green recovery presents a once in a lifetime opportunity to transform our transportation systems so that we can sustainably move people and freight and I'm confident that we have an important role to play.

At Westport Fuel Systems, we've developed, validated, and built solutions that are in production for sale in 70 countries and are being used around the world to enable net zero carbon transportation. Following our COVID shutdown, our teams have safely and effectively resumed operations at all of our global locations. While revenue was significantly impacted in Q2 due to these shutdowns and those of our customers around the world, I'm pleased to report our net income was positive, an improvement versus the same period last year. Our team has shown resilience and has been steadfast in their efforts to remain nimble in response to this difficult time. I'm particularly proud of the significant efforts we have made and the results we have achieved to improve liquidity since the start of the year and I'm equally proud of the incredible efforts made