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Workhorse Q3 Earnings Miss Estimates, Revenues Decline Y/Y
ZACKS· 2024-11-21 01:10
Workhorse Group Inc. (WKHS) reported an adjusted loss of 88 cents per share for the third quarter of 2024, wider than the Zacks Consensus Estimate of a loss of 85 cents. The company had incurred an adjusted loss of $2.80 in the year-ago quarter.Workhorse generated net revenues of $2.51 million, which missed the Zacks Consensus Estimate of $6 million. Revenues fell 17.2% year over year due to the non-recurrence of a $2.3 million sales allowance obtained in the corresponding quarter of 2023.Key TakeawaysThe c ...
Workhorse(WKHS) - 2024 Q3 - Earnings Call Transcript
2024-11-20 11:03
财务数据和关键指标变化 - 2024年第三季度销售额(扣除退货和折让)为250万美元,2023年同期为300万美元,下降主要是由于2023年前期W4 CC车辆销售相关的230万美元销售折让转回不再发生以及本期W4 CC和W56卡车销售增加180万美元[42] - 销售成本在2024年第三季度为660万美元,与去年同期相同,主要持平是因为卡车销售增加导致直接材料成本上升被库存准备金降低以及100万美元的直接和间接劳动力成本降低所抵消[45] - 研发费用在2024年第三季度降至230万美元,2023年同期为580万美元,下降主要是由于员工人数减少导致员工薪酬相关费用减少210万美元以及咨询费用减少80万美元[47] - 2024年第三季度净利息为830万美元,2023年同期为净利息收入400万美元,增加主要是由于290万美元的融资费用和500万美元的公允价值调整,被前期实际利息收入增加40万美元所抵消,净亏损为2510万美元,2023年同期为3060万美元[48] - 截至2024年9月30日,公司有320万美元现金及现金等价物,总应收账款370万美元,净库存4320万美元,应付账款1050万美元[49] 各条业务线数据和关键指标变化 - 商业业务方面,与FedEx达成三年主框架协议,7月完成56 W56厢式货车演示并获高分,第三季度交付15辆W56厢式货车用于改装,10月被选为2024年FedEx Forward Service Provider Summit的总统级参展商,带来75个新报价询问者,已有3个来自互联网服务提供商的确定采购订单,涉及7辆车在第四季度交付[8][10][11][13][14][15] - 政府资助车队业务方面,上周获GSA合同,Sourcewell合同带来报价活动增加,有5个超过300辆Class 4单位的待定投标,经销商网络正在争取21个市县报价,共44辆卡车订单,还获佛罗里达州警长协会合作采购计划批准[17][19] - 产品生产方面,目前有6种产品在生产,明年增加4种新车型,2026或2027年开始生产驾驶室底盘版本,有30多种更新选项,推出13种预配置改装套餐,2024年第四季度开始交付200英寸轴距版本的卡车[30][31][32] 各个市场数据和关键指标变化 - 经销商和服务提供商网络方面,2024年目标是达到20 - 25个经销商,目前更注重经销商与产品组合的匹配度、技能匹配和当地市场动态,现有13个经销商中有6 - 8个开始理解如何在商业电动汽车领域销售和提供服务[35][36] - 市场激励方面,加利福尼亚州对所有卡车来说是最关键和商业上最成熟的市场,W56、W750和W4C都符合HVIP和ISEF计划提供的激励条件,在某些情况下,车队所有者可在3 - 6个月内收回电动汽车投资[37] 公司战略和发展方向和行业竞争 - 公司战略是提供可靠、性能良好且专为Class 5和6商业市场定制的产品,结合工程、设计、供应链和制造能力,生产市场领先的电动汽车厢式货车,继续拓展产品系列,扩大客户群体,同时注重经销商和服务提供商网络的优化以及成本控制和现金流管理[16][20][35][39][40] - 行业竞争方面,公司产品相比其他初创企业和传统原始设备制造商的早期电动汽车产品更具优势,能够满足客户对车辆使用寿命、可靠性等方面的要求[56] 管理层对经营环境和未来前景的评论 - 管理层认为商业电动汽车行业具有适应性,无论政治或经济环境如何变化,都能为企业带来切实利益,公司在该领域有发展潜力,对未来获得更多采购订单和增加收入有信心,同时将根据联邦和州级政策调整业务和运营计划[28][50][54][58] 其他重要信息 - 公司采取了一系列措施来节约现金和降低成本,包括裁员约50%,推迟W56驾驶室底盘的推出,剥离Aero业务等,现金 burn rate降至每月约350万美元,本季度有成功融资,且仍在与相关方讨论Union City设施的售后回租交易[40][41] 总结问答环节所有的提问和回答 问题: 无 - 无回答,可能由于没有投资银行家提问,会议结束[61]
Workhorse Group (WKHS) Reports Q3 Loss, Misses Revenue Estimates
ZACKS· 2024-11-20 08:15
Workhorse Group (WKHS) came out with a quarterly loss of $0.88 per share versus the Zacks Consensus Estimate of a loss of $0.85. This compares to loss of $2.80 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -3.53%. A quarter ago, it was expected that this truck and drone manufacturer would post a loss of $1.40 per share when it actually produced a loss of $1.40, delivering no surprise.Over the last four quarters, the company ...
Workhorse(WKHS) - 2024 Q3 - Quarterly Results
2024-11-20 06:05
销售额相关 - 2024年第三季度销售额为250万美元,较2023年同期的300万美元下降[10] - 2024年前三季度销售额为469.1451万美元,2023年前三季度为868.8423万美元[27] 销售成本相关 - 2024年第三季度销售成本为660万美元,与去年同期持平[11] - 2024年前三季度销售成本为2138.6676万美元,2023年前三季度为2031.2854万美元[27] 费用相关 - 2024年第三季度销售、一般和管理费用降至770万美元,较去年同期的1180万美元下降[12] - 2024年第三季度研发费用降至230万美元,较去年同期的580万美元下降[13] - 2024年前三季度运营费用为4171.7958万美元,2023年前三季度为5850.4833万美元[27] 利息相关 - 2024年第三季度净利息支出为830万美元,较去年同期的净利息收入40万美元增加[15] 盈利亏损相关 - 2024年第三季度净亏损为2510万美元,较去年同期的3060万美元下降[16] - 2024年前三季度毛亏损为1669.5225万美元,2023年前三季度为1162.4431万美元[27] - 2024年前三季度净亏损为8061.1346万美元,2023年前三季度为7866.2425万美元[27] 资产相关 - 截至2024年9月30日,公司拥有现金及现金等价物320万美元,应收账款总计370万美元,净库存4320万美元,应付账款1050万美元[16] - 2024年9月30日现金及现金等价物为324.4806万美元,2023年12月31日为2584.5915万美元[25] - 2024年9月30日总资产为1.01412612亿美元,2023年12月31日为1.41674724亿美元[25] 负债相关 - 2024年9月30日总负债为5415.4729万美元,2023年12月31日为5856.2553万美元[25] 合作与订单相关 - 与联邦快递签订三年主框架协议,并已交付15辆卡车,预计2025年获得更大订单[4] - 获得通用服务管理局合同,进一步扩大市场范围[5] 产品能效相关 - W56电动货车在测试中达到31 MPGe,相比内燃机货车能效优势明显[9]
Workhorse Group Reports Third Quarter 2024 Results
GlobeNewswire News Room· 2024-11-20 06:05
CINCINNATI, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today reported financial results for the third quarter ended September 30, 2024. Management Commentary “We continue to make steady progress on several fronts here at Workhorse,” said Company CEO Rick Dauch. “Securing a three-year Master Framework Agreement with FedEx is an extremely importan ...
Workhorse Secures GSA Contract, Expanding Access to its Zero-Emission Vehicles for Government and Public Sector Fleets
GlobeNewswire News Room· 2024-11-20 06:00
CINCINNATI, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today announced that it has been added to the GSA Schedule by being awarded a General Services Administration (GSA) Government Fleet Contract through its dealer, Colonial Fleet Electrification. This milestone allows federal government agencies to streamline procurement of Workhorse's America ...
Workhorse Reschedules Third Quarter 2024 Earnings Call
GlobeNewswire News Room· 2024-11-19 09:00
CINCINNATI, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today announced that it will hold its third quarter 2024 earnings conference call on Tuesday, November 19, 2024 at 6:00 p.m. Eastern time (3:00 p.m. Pacific time). The Company expects to issue its financial results in a press release after the market closes that afternoon, prior to the call. ...
Workhorse Reschedules Third Quarter 2024 Earnings Call to Tuesday, November 19, 2024 at 10:00 a.m. ET
GlobeNewswire News Room· 2024-11-14 07:00
CINCINNATI, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today announced that it has rescheduled its third quarter 2024 earnings conference call to Tuesday, November 19, 2024 at 10:00 a.m. Eastern time (7:00 a.m. Pacific time). Financial results will be issued in a press release prior to the call. “We look forward to providing an update on the imp ...
Workhorse Secures Multiple Orders for W56 Electric Step Vans in Parcel Delivery Market as Fleet Demand Increases
GlobeNewswire News Room· 2024-11-07 21:30
New Purchase Orders for W56: Recent orders for seven W56 electric step vans for immediate delivery upon completion of upfit. Growing Fleet Interest and Demos: Following the FedEx Forward event, Workhorse is experiencing increased parcel delivery fleet interest, with multiple demos planned in California and additional units now in the quoting process. CINCINNATI, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pio ...