Lordstown's stock rallies after losses reported were narrower than expected
Shares of Lordstown Motors Corp. (RIDE) rallied 1.9% in premarket trading Monday, after the electric vehicle maker reported a wider fourth-quarter loss but one that was narrower than expected. The net loss widened to $81.2 million, or 42 cents a share, from $61.7 million, or 37 cents a share, in the year-ago period. The FactSet consensus for per-share losses was 77 cents. The company did not record any sales during the quarter. The company affirmed its third-quarter 2022 target for commercial production and sales of the Endurance all-electric pickup truck, and said it expects production and sales of Endurance of about 500 vehicles this year and as many as 2,300 in 2023. The company said it ended 2021 with a cash balance of $244 million, which is $79 million above the midpoint of its previously provided guidance. Lordstown's stock has tumbled 32.6% over the past three months while the S&P 500 has slipped 4.6%.
-Tomi Kilgore
(END) Dow Jones Newswires
February 28, 2022 08:20 ET (13:20 GMT)
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