Why Workhorse Stock Is Falling

Workhorse Group Inc WKHS shares are trading lower by 10.11% to $1.85 Wednesday morning after the company reported worse-than-expected fourth-quarter financial results.

What Happened?

Workhorse reported quarterly losses of 24 cents per share which missed the analyst consensus estimate of a loss of 18 cents by 33.33 percent. The company reported quarterly sales of $3.45 million which missed the analyst consensus estimate of $12.30 million by 72%.

Workhorse meanwhile says the company's net loss was $38.7 million compared to $156.1 million in the same period last year. Loss from operations for the fourth quarter was $39.3 million compared to $120.4 million in the same period last year.

As of December 31, the company had $99.3 million in cash and cash equivalents.

What Else?

"This past year was critical for Workhorse, as we took decisive actions to position the Company for the next phase of growth and value creation," said Workhorse CEO Rick Dauch.

"During the fourth quarter we executed on our commercial vehicle product roadmaps, advanced our Aero business and Stables & Stalls initiative, completed building out our talented leadership team, resolved key legacy issues and strengthened our financial position."

According to data from Benzinga Pro, WKHS has a 52-week high of $5.39 and a 52-week low of $1.40.