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Workhorse swings to a loss and to negative revenue, as volumes declined and returns increased


Shares of Workhorse Group Inc.

gained 0.3% in premarket trading Tuesday, after the electric vehicle maker swung to a net loss and reported surprisingly negative revenue, while saying it expects to deliver 250 vehicles this year. The company recorded a net loss for the quarter to Dec. 31 of $156.1 million, after net income of $280.5 million in the year-ago period. The company did not provide net losses per share. The FactSet consensus was for a net loss of $19.2 million. Sales were negative $2.0 million, after revenue of $651,570 a year ago, citing a decrease in volume and an increase in vehicle returns and allowances in connection with a recall of C-1000 vehicles. The FactSet sales consensus was positive $75,200. Cost of sales jumped to $99.9 million from $7.0 million, as charges recorded included a $63.6 million increase in inventory reserves and a $23.9 million increase in prepaid purchases reserves. The expects to make and sell at least 250 vehicles in 2022, all in the second half of the year. The stock has plunged 41.1% over the past three months through Monday while the S&P 500

has slipped 3.1%.

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