Shares of Workhorse Group Inc. WKHS,
fell 0.5% in Monday morning trading, after the 50.9% reduction they took last week, after the electric vehicle manufacturer reported a surprise fourth-quarter net profit, while sales fell short of expectations. The company reported a net profit of $ 280.5 million from $ 655,000 the previous year, compared to FactSet’s consensus for a net loss of $ 15.1 million. The company did not provide results per share. Sales rose to $ 652,000, from $ 3,000, citing a larger volume of trucks and produced and delivered, but did not exceed the $ 1.2 million FactSet consensus. “We are entering the new year in our strongest position, both financially and operationally,” said chief executive Duane Hughes. “With more than $ 200 million in cash on our balance sheet, we have a good capitalization to expand our manufacturing performance and with over 8,000 vehicles in our portfolio, we now have the order book to build reliably for the our multi – year growth plan “. Stock sales last week stood out from a 47.5% drop last Tuesday, after investors were disappointed that the U.S. postal service was awarded a contract for delivery trucks only to Oshkosh Corp. OSK,
while Workhorse was expected to win at least part of the contract. Shares have lost 36.2% in the last three months, while the S&P 500 SPX
has gained 5.6%.