Shares of Workhorse Group Inc. WKHS,
declined 0.5% in morning trading after the 50.9% of junk they took last week, after the electric vehicle manufacturer reported a surprising net profit in the fourth quarter, while sales exceeded expectations . The company raised a net income of $ 655,000 a year ago to $ 280.5 million, compared to the FactSet consensus for a net loss of $ 15.1 million. The company did not deliver results per share. Sales rose to $ 652,000 from $ 3,000, citing a larger volume of trucks and produced and delivered, but missed the $ 1.2 million FactSet consensus. “We are entering the new year in our strongest position ever, both financially and operationally,” said CEO Duane Hughes. “If we count more than $ 200 million in cash on our balance sheet, we are well capitalized to expand our manufacturing output, and with more than 8,000 vehicles in our backlog, we now have the order book to be reliable for our perennial growth plan. build.” The stock’s sell-off week was highlighted by the 47.5% drop last Tuesday, after investors were disappointed that the U.S. Postal Service only offered a contract for delivery trucks to Oshkosh Corp.
while Workhorse is generally expected to win at least part of the contract. The stock has lost 36.2% over the past three months, while the S&P 500 SPX,
achieved 5.6%.
