Workhorse Group Inc. WKHS shares,
fell 0.5% in Monday morning trading after a 50.9% drop last week, after the electric vehicle maker reported a surprising net profit in the fourth quarter, while sales fell short of expectations. The company reported a net profit that rose to $ 280.5 million from $ 655,000 a year ago, compared with FactSet’s consensus of a net loss of $ 15.1 million. The company did not provide earnings per share. Sales increased from $ 3,000 to $ 652,000, citing a greater volume of trucks and produced and delivered, but lost FactSet’s consensus of $ 1.2 million. “We are entering the new year in our strongest position, both financially and operationally,” said Chief Executive Duane Hughes. “With over $ 200 million in cash on our balance sheet, we are well capitalized to expand our production and, with more than 8,000 vehicles in our portfolio, we now have the order backlog to build reliably for our multi-year growth plan . ” The fall in shares last week was highlighted by a 47.5% drop last Tuesday, after investors were disappointed that the US Postal Service had signed a truck delivery contract only for Oshkosh Corp . OSK,
while Workhorse was widely expected to win at least part of the contract. The stock lost 36.2% in the last three months, while the S&P 500 SPX,
gained 5.6%.
