Workhorse shares tumble again after electric vehicle maker reported a surprise net profit, but no revenue.


Workhorse Group Inc.WKHS shares,
-1.14%
fell 0.5% in Monday morning trading, following a 50.9% beating they suffered last week, after the electric vehicle maker reported a surprise net profit in the fourth quarter, while sales They did not meet expectations. The company reported net income that increased to $ 280.5 million from $ 655,000 a year ago, compared to the FactSet consensus for a net loss of $ 15.1 million. The company did not deliver earnings per share. Sales increased to $ 652,000 from $ 3,000, citing higher truck volume and produced and delivered, but fell short of FactSet’s consensus of $ 1.2 million. “We are entering the new year in our strongest position, both financially and operationally,” said CEO Duane Hughes. “With more than $ 200 million of cash on our balance sheet, we are well capitalized to expand our manufacturing performance, and with more than 8,000 vehicles in our order book, we now have the order book to reliably build our plan. growth over several years. ” The stock sell-off last week was highlighted by a 47.5% drop last Tuesday, after investors were disappointed that the United States Postal Service awarded a contract for delivery trucks only to Oshkosh. Corp.
+ 4.03%,
while Workhorse was expected to win at least part of the contract. The stock has lost 36.2% in the last three months, while the S&P 500 SPX,
+ 2.27%
it has gained 5.6%.

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