11:19 AM EDT, 03/26/2024 (MT Newswires) -- RBC Capital Markets said Monday that Westport Fuel Systems Inc. ( WPRT ) 's gross profit of US$8.0 million in the fourth quarter of 2023 missed RBC's forecast of US$15.0 million and the consensus estimate of US$14.5 million.

Revenue of US$87.2 million aligned with RBC's projection of US$87.3 million and beat the consensus estimate of US$83.9 million.

Westport recorded an adjusted EBITDA loss of US$10.0 million, compared with the RBC loss estimate of US$3.0 million and the consensus loss forecast of US$5.4 million. The miss was partly driven by a $4.5 million impairment charge in the company's OEM segment.

RBC expects Westport shares to underperform peers following the results.

RBC gave Westport a sector perform, speculative risk rating and a US$10.00 price target.

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