Lordstown Motors Q2 Rundown: Books Profit On Asset Sales, Provides Timeline For Endurance, Exploring Partnerships With OEMs
lordstown motors q2 rundown: books profit on asset sales, provides

Lordstown Motors Q2 Rundown: Books Profit On Asset Sales, Provides Timeline For Endurance, Exploring Partnerships With OEMs

Lordstown Motors Corp (NASDAQ: RIDE) reported financial results Thursday morning. The electric vehicle startup reaffirmed its third-quarter target for start of production and booked a surprise profit on the back of asset sales to Foxconn.

What Happened: Lordstown Motors reported a second-quarter adjusted earnings loss of 19 cents per share, which beat the estimate for a loss of 45 cents per share.

The EV company said it generated an operating profit of $61.3 million, which included $120.1 million from the sale of its Lordstown facility. Lordstown said it gained $101.7 million on the sale and $18.4 million in operating expense reimbursement.

“Our immediate …

Full story available on Benzinga.com

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