Westport Innovations Inc. WPRT recorded a loss of 36 cents per share in the first quarter of 2016, wider than the year-ago loss of 27 cents. Moreover, the loss was much wider than the Zacks Consensus Estimate of a loss of 29 cents. Net loss amounted to $23.3 million, significantly wider than $17.2 million recorded in the first quarter of 2015. Consolidated revenue for the Westport Operations and Corporate & Technology Investments segments was $24 million in the first quarter of 2016, down 14.3% year over year, due to sluggish demand for aftermarket products stemming from lower oil price. Moreover, the figure missed the Zacks Consensus Estimate of $31 million.Consolidated gross margin increased 25.9% to $6.8 million (28.3% of sales) in first-quarter 2016 from $5.4 million (19.3% of sales) in the year-ago quarter.Consolidated adjusted earnings before interest, taxes, depreciation, and amortization (adjusted EBITDA) amounted to a negative $10.6 million, compared with negative adjusted EBITDA of $9.2 million in the first quarter of 2015.Segment DetailsWestport Operations recorded a 15.3% decrease in revenues to $23.2 million. Operating loss in the segment narrowed to $0.3 million in the reported quarter from $3.9 million in the first quarter of 2015.Corporate and Technology Investments’ revenues increased 33% to $0.8 million from $0.6 million in the year-ago quarter. Operating loss amounted to $18.4 million compared with a loss of $16.9 million recorded a year ago.The CWI joint venture (JV) recorded an 11% decrease in revenues to $65 million, mainly due to a volume decline related to macroeconomic conditions along with a drop in international sales. CWI operating income in the reported quarter was $4.7 million compared with $14.6 million in the year-ago period.The Weichai Westport Inc. (“WWI”) JV reported a 46.5% plunge in revenues to $29.9 million. Operating income in the segment was $0.7 million in the reported quarter, down from $1 million in the first quarter of 2015.Financial PositionWestport Innovations had cash, cash equivalents and short term investments of $24.6 million as of Mar 31, 2016, down from $27.8 million as of Dec 31, 2015. Long-term debt was $65.4 million as of Mar 31, 2016, up from $62.5 million as of Dec 31, 2015.In the first quarter of 2016, Westport Innovations’ cash used in operations was $23.1 million, compared with $22.5 million in the year-ago period.Zacks RankWestport Innovations currently carries a Zacks Rank #4 (Sell).Some better-ranked automobile stocks include Lear Corp. LEA, Superior Industries International, Inc. SUP and Oshkosh Corporation OSK. All the three stocks sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SUPERIOR INDS (SUP): Free Stock Analysis Report LEAR CORPORATN (LEA): Free Stock Analysis Report OSHKOSH CORP (OSK): Free Stock Analysis Report WESTPORT INNOV (WPRT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research