Shares of Workhorse (NASDQ:WKHS) stock are getting crushed on Monday morning after the firm reported worse-than-expected earnings for the first quarter of fiscal year 2021. This comes after revenue of $521,060 was way below Wall Street’s estimate of $2.61 million. Additionally, the company’s diluted losses per share of $1.04 was much worse than analysts’ expectation of a 17-cent loss.
On top of that, the company said basic losses per share were 98 cents for the period.
Here’s what else is worth mentioning from the most recent Workhorse earnings report:
- Adjusted per-share losses were a switch from earnings per share (EPS) of 6 cents during Q1 2020.
- Revenue for the quarter comes in 518.1% higher year-over-year (YOY) compared to $84,300.
- Operating loss of $153.06 million was far worse than the prior-year loss of $8.27 million from the previous year.
- The Workhorse earnings report also includes a net loss of $120.51 million; that’s not great compared to net income of $4.76 million from Q1 2020.
Duane Hughes, CEO of Workhorse, had this to say about the WKHS stock earnings:
“We have had a step function improvement in production in the last month. … 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. However, our vehicle production numbers in April in comparison to the last few quarters are encouraging as are the proactive steps we are taking to build our volumes and ensure consistent production.”
The company did not mention any sort of guidance for FY2021. However, we know what Wall Street is looking for next quarter. This includes revenue of $13.36 million and losses per share of 17 cents.
WKHS stock was down about 11.3% as of Monday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.