Shares of Workhorse Group Inc. WKHS,
returned 4.7% to Monday afternoon trading, after the 50.9% discount it took last week, after the electric vehicle manufacturer reported a surprising net profit in the fourth quarter, while sales they got rid of expectations. The company reported net income that rose to $ 280.5 million from $ 655,000 a year ago, compared to the FactSet consensus for a net loss of $ 15.1 million. The company did not provide results per share. Sales rose from $ 3,000 to $ 652,000, citing a higher volume of trucks and products and deliveries, but missed the $ 1.2 million FactSet consensus. “We are entering the new year in the strongest position of all time, both financially and operationally,” said Executive Director Duane Hughes. “With more than $ 200 million in cash on our balance sheet, we are well capitalized to expand our production capacity, and with more than 8,000 vehicles left, we now have the order book to build reliably for our growth plan. multiannual. ” Last week’s stock market sell-off fell 47.5% on Tuesday after investors were disappointed that the U.S. Postal Service awarded a contract for the delivery of trucks only to Oshkosh Corp. OSK,
while Workhorse was expected to win at least part of the contract. The stock, which reversed a previous intraday loss of up to 5.6%, has lost another 32.9% in the last three months, while the S&P 500 SPX,
gained 6.5%.