3/16/2023 0 Comments Workhorse group newsTechnical Pictureįrom a technical analysis perspective, let’s take a brief look at Workhorse Group Inc. Shareholders own equity worth $163.74 million. For the quarter, EBITDA amounted to -$20.68 million. The analyst consensus anticipated Workhorse Group Inc.’s latest quarter earnings to come in at -$0.12 per share, but it turned out to be -$0.13, a -8.30% surprise. The company posted a net income of -$21.16 million in the quarter, while revenues were shrunk -106.14%. In the quarter under review, the net income was down than the previous quarter. In the past 12 months, Workhorse Group Inc.’s return on assets was -115.80%. Its gross profit as reported stood at -$133.34 million compared to revenue of -$0.85 million.įor investors, determining the potential profitability of the investment also depends on the performance of the company’s management. Further, the company has a long term debt to equity ratio of 0.00 and a total debt to equity ratio of 0.00 for the quarter ending June 29. for the three months ended June 29 was 8.60, and the current ratio was 9.30, indicating that the company is able to meet its debt obligations. Other valuation ratios to consider include the price-to-book (PB) ratio at 2.40. Sign up here to get your free report now. In fact, within our report, "Top 5 Cheap Stock to Own Right Now", we have identified five stocks we believe could appreciate the most even if you just have $1,000 to invest. “We are a real company,” he said.While finding safe stocks with the potential for monster gains isn't always easy, we've found a few that could pay out well. Dauch also said Workhorse was trying to plan what vans it could produce in the future. The company suspended further sales until the testing was complete, took back the 41 vehicles and has slowed production to two trucks a week. Workhorse sold 41 of the vans this year before it had finished making sure the C-1000 design complied with federal safety standards. He said the design was “not robust nor is it profitable.” Dauch said Workhorse was trying to decide whether to continue producing the C-1000 electric van, which it had hoped to sell to shipping companies like Federal Express and UPS. Lordstown has struggled to put its truck into production and is itself facing investigations into its business by the S.E.C. Burns then left Workhorse and formed Lordstown Motors, and planned to use the plant to produce an electric pickup truck. and the Justice Department.Īlthough it is small, Workhorse gained prominence in 2019 when its founder, Steve Burns, agreed to buy an auto plant in Lordstown, Ohio, that had been idled by General Motors, and President Donald J. He said Workhorse was cooperating with both the S.E.C. “At this point, we cannot predict the eventual scope, duration or outcome of these matters.” with respect to this investigation,” Workhorse’s chief executive, Rick Dauch, said on a conference call with financial analysts after the earnings announcement on Tuesday. “We have not received any subpoena or other request for further documents from the D.O.J. Of the Justice Department’s investigation, Workhorse said only that it was “related.” inquiry is related to trading in Workhorse stock before the announcement in February that it had failed to win a large contract from the United States Postal Service, a development that caused a steep drop in Workhorse shares. Workhorse said in a regulatory filing on Monday that it was being investigated by the Securities and Exchange Commission and the Justice Department. The company also reported negative revenue of $576,600 because it had to give customers refunds for vans that it was required to take back and modify in order to comply with federal safety standards. Workhorse Group, a small producer of electric vans that has come under investigation by federal authorities, on Tuesday reported a loss of $81 million for the three months ending in September as a result of rising operating costs and a production stoppage related to a recall.
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