Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

WORKHORSE GROUP INC.

(WKHS)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Workhorse shares skid as electric truck maker cuts production target

05/10/2021 | 11:04am EDT

May 10 (Reuters) - Shares of Workhorse Group Inc slumped 9% on Monday, after the electric truck maker reported quarterly revenue that was about a fifth of what Wall Street expected, prompting the company to slash its annual production target by nearly half.

A global semiconductor chip shortage has caused delays in manufacturing activity, and major automakers including Ford Motor, Honda Motor, General Motors and Volkswagen were forced to hold back production even as car demand picked up during the COVID-19 pandemic.

"Bottlenecks within the global supply chain and offshore shipping delays of commodity raw materials and components as well as our initial stages of production limited our capacity to produce during the first quarter," Workhorse Chief Executive Officer Duane Hughes said.

Workhorse lowered its 2021 production forecast to 1,000 units, from the 1,800 vehicles it expected earlier. It reported quarterly revenue of $521,000, missing analysts' estimates of $2.6 million by a wide margin, according to Refinitiv IBES.

Adding to the grim results, the company said it took a loss of $136.6 million primarily due to the reduction in the fair value of its investment in electric pickup truck company Lordstown Motor Corp.

Shares of the Workhorse, which fell as much as 11.3%, had risen about 6% in premarket trading after it announced that it had entered a strategic partnership to make a delivery vehicle with commercial vehicle body solutions provider EAVX, a unit of J.B. Poindexter & Co.

With the deal, the electric truck maker will enter the EV delivery vehicle market, joining a parade of startups such as Arrival, Rivian and Canoo as well as established players including Ford, General Motors and Daimler AG.

"Overall, while the production performance and outlook were disappointing, bright spots like the Poindexter deal could provide an offset," said Michael Shlisky, an analyst at Colliers Securities.

(Reporting by Subrat Patnaik and Chavi Mehta in Bengaluru, additional reporting by Ben Klayman; Editing by Amy Caren Daniel)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DAIMLER AG -0.64% 78.83 Delayed Quote.37.27%
HONDA MOTOR CO., LTD. 3.62% 3519 End-of-day quote.22.29%
LORDSTOWN MOTORS CORP. 2.38% 10.31 Delayed Quote.-48.60%
VOLKSWAGEN AG -1.45% 220.25 Delayed Quote.46.57%
WORKHORSE GROUP INC. 0.00% 14.54 Delayed Quote.-26.49%
All news about WORKHORSE GROUP INC.
06:30aSOCIAL BUZZ : Wallstreetbets Reddit Stocks Mixed Premarket Wednesday
MT
06/22Oshkosh to build new U.S. Postal delivery vehicles in South Carolina
RE
06/22SOCIAL BUZZ : Most Wallstreetbets Stocks Lose Ground, While ContextLogic Scores ..
MT
06/21SOCIAL BUZZ : Wallstreetbets Reddit Stocks Mixed Premarket Monday
MT
06/18SOCIAL BUZZ : Wallstreetbets Stocks Mixed in Afternoon Action as Clean Energy Cl..
MT
06/17SOCIAL BUZZ : Wallstreetbets Stocks Rebound as AMC, BlackBerry See Gains
MT
06/17SOCIAL BUZZ : Most Reddit-Supported Stocks Down Premarket; Electric Vehicle Star..
MT
06/16Workhorse challenges USPS decision to award vehicle contract to Oshkosh
RE
06/16WORKHORSE  : challenges USPS decision to award vehicle contract to Oshkosh
RE
06/16WORKHORSE  : Challenges USPS Vehicle Contract Award to Rival in Federal Court
MT
More news
Financials (USD)
Sales 2021 72,9 M - -
Net income 2021 -194 M - -
Net Debt 2021 - - -
P/E ratio 2021 -8,54x
Yield 2021 -
Capitalization 1 792 M 1 792 M -
Capi. / Sales 2021 24,6x
Capi. / Sales 2022 7,71x
Nbr of Employees 130
Free-Float 91,4%
Chart WORKHORSE GROUP INC.
Duration : Period :
Workhorse Group Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends WORKHORSE GROUP INC.
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 14,54 $
Average target price 13,70 $
Spread / Average Target -5,78%
EPS Revisions
Managers and Directors
NameTitle
Duane A. Hughes President, Chief Executive Officer & Director
Steve Schrader Chief Financial Officer
Raymond J. Chess Chairman
Robert Willison Chief Operating Officer
Gerald B. Budde Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
WORKHORSE GROUP INC.-26.49%1 792
TOYOTA MOTOR CORPORATION25.17%251 360
VOLKSWAGEN AG46.57%155 893
DAIMLER AG37.27%101 048
GENERAL MOTORS COMPANY42.27%85 938
BMW AG28.71%71 956