Workhorse stock bounces back after EV maker reported surprise net profit but revenue that missed
Shares of Workhorse Group Inc. bounced 4.7% in midday trading Monday, following the 50.9% drubbing they took last week, after the electric vehicle maker reported a surprise fourth-quarter net profit while sales came up shy of expectations. The company reported net income that rose to $280.5 million from $655,000 a year ago, compared with the FactSet consensus for a net loss of $15.1 million. The company did not provide per-share results. Sales rose to $652,000 from $3,000, citing a higher volume of trucks and produced and delivered, but missed the FactSet consensus of $1.2 million. "We're entering the new year in our strongest-ever position, both financially and operationally," said Chief Executive Duane Hughes. "Counting over $200 million of cash on our balance sheet, we are well capitalized to expand our manufacturing throughput, and with over 8,000 vehicles in our backlog, we now have the order book to reliably build for our multi-year growth plan." The stock's selloff las week was highlighted by the 47.5% plunge last Tuesday, after investors were disappointed that the U.S. Postal Service awarded a contract for delivery trucks to only Oshkosh Corp. , while Workhorse was widely expected to win at least a part of the contract. The stock, which reversed an earlier intraday loss of as much as 5.6%, has still lost 32.9% over the past three months, while the S&P 500 has gained 6.5%.
Portions of Workhorse Group Inc. ricocheted 4.7% in late morning exchanging Monday, following the 50.9% drubbing they required a week ago, after the electric vehicle creator announced an unexpected final quarter net benefit while deals came up short of assumptions. The organization detailed net gain that rose to $280.5 million from $655,000 per year prior, contrasted and the FactSet agreement for a total deficit of $15.1 million. The organization didn't give per-share results. Deals rose to $652,000 from $3,000, refering to a higher volume of trucks and created and conveyed, yet missed the FactSet agreement of $1.2 million. "We're entering the new year in our most grounded at any point position, both monetarily and operationally," said Chief Executive Duane Hughes. "Tallying more than $200 million of money on our asset report, we are very much promoted to extend our assembling throughput, and with more than 8,000 vehicles in our accumulation, we currently have the request book to dependably work for our multi-year development plan." The stock's selloff las week was featured by the 47.5% dive last Tuesday, after financial backers were baffled that the U.S. Postal Service granted an agreement for conveyance trucks to just Oshkosh Corp. , while Workhorse was broadly expected to succeed at least a piece of the agreement. The stock, which turned around a before intraday loss of as much as 5.6%, has still lost 32.9% in the course of recent months, while the S&P 500 has acquired 6.5%.