Financial
Lightning eMotors Reports $4.6Million Of First Quarter
Growth comes from sales of 31 commercial electric vehicles across five specialty vehicle applications.
Growth comes from sales of 31 commercial electric vehicles across five specialty vehicle applications.
Net Sales increased 49.6% to $160.3 million compared to $107.2 million in 2020.
The company posted record quarterly sales of $144.8 million, up 65%.
First-quarter net sales were $656 million compared with $532 million in the first quarter of 2020.
Transformational change to the company's capital structure underway, underpinned by accelerated debt repayment.
Sales increased 21% on an organic basis, 43% including Elkhart acquisition.
Reported net income of $68 million grew 8% and earnings per diluted share (EPS) of $0.37 grew 12%.
The company also has reported record fiscal year sales of $443.9 million, up 58%.
For the fourth quarter, system-wide sales were $935.1 million, an increase of 24% versus the prior year.
The company says its portfolio delivered significant growth above market.
