: Lion Electric swings to profit on one-time gain, and revenue rises 77% but is shy of expectations #FinanceUSA #StockMarketNEWS Lion Electric Co. said Friday that it swung to a second-quarter profit,
@stockMarketNEWS 6 Days ago
Lion Electric swings to profit on one-time gain, and revenue rises 77% but is shy of expectations #FinanceUSA #StockMarketNEWS
Lion Electric Co. said Friday that it swung to a second-quarter profit, helped by a large one-time gain, while revenue rose 77% but was a bit shy of expectations. The maker of electric urban trucks and buses said net income for the quarter to June 30 was .44 million, or 19 cents a share, after a loss of 0.2 million, or .13 a share, in the year-ago period. The results included a .9 million gain related to the decrease in the fair value of share warrant obligation and a .4 million share-based compensation charge. The FactSet consensus was for a per-share loss of 7 cents. Revenue grew to .52 million from .69 million, as vehicle sales volume jumped to 105 from 61, but missed the FactSet consensus of .3 million. Meanwhile, cost of sales more than doubled amid increased production levels and higher manufacturing and inventory management costs, rising 109% to .97 million, as gross margin contracted to negative 11.7% from positive 5.4%. "We are pleased with our Q2 performance, as in spite of ongoing supply-chain challenges, for the third quarter in a row, we delivered a record number of vehicles in the history of Lion," said Chief Executive Marc Bedard. The stock, which was still inactive in premarket trading, has lost 11.1% over the past three months while the S&P 500 has edged up 0.1%.