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 story : Workhorse stock drops after revenue was less than half what was expected #FinanceUSA #StockMarketNEWS Shares of Workhorse Group Inc. dropped 7.2% toward a more than 10-month low after, after the electric

@stockMarketNEWS Mon 10 May, 2021

Posted in: #FinanceUSA #StockMarketNEWS

Workhorse stock drops after revenue was less than half what was expected #FinanceUSA #StockMarketNEWS
Shares of Workhorse Group Inc. dropped 7.2% toward a more than 10-month low after, after the electric truck maker swung to a net loss and reported revenue that were less than half what was expected, as the number of trucks produced reached its target later than anticipated. The net loss was 0.5 million, after net income of .8 million in the year-ago period. Excluding non-cash adjustments, the operating loss widened to .5 million from .1 million, while the FactSet loss consensus was .8 million. The company did not provide per-share information. Sales rose to 1,060 from ,300, below the FactSet consensus of .3 million. The company produced a total of 38 C-Series vehicles year to date. "Although we had planned to have achieved our year-to-date number of trucks produced sooner, we took the additional time to ensure that we were building top-quality vehicles for our customers while improving our production processes," said Chief Executive Duane Hughes. The stock, on track to open at the lowest price seen during regular-session hours since June 26, 2020, has plummeted 74.9% over the past three months through Friday, while the S&P 500 has gained 8.3%.


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