Workhorse Group's Q1 Sales Fall Short of Expectations With Just 6 Trucks Delivered
Workhorse Group (NASDAQ: WKHS) reported first-quarter revenue this morning that was much lower than Wall Street had expected, as its production of electric delivery vans got off to a slower start than planned.
Workhorse said its revenue rose to about $521,000 in the first quarter, from about $84,300 a year ago, as it delivered just six of its new C-Series electric vans to customers. Wall Street analysts polled by FactSet had expected revenue of $2.3 million, on average.
On an operating basis, excluding noncash adjustments, Workhorse's first-quarter loss widened to $16.5 million from $9.1 million a year ago. That was somewhat better than expected: Analysts on average were looking for a loss of $19.8 million.
Source Fool.com