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Blink Charging Co. BLNK, an owner, operator and provider of EV charging stations and services, has announced that it is set to execute an operational cost reduction plan to improve its short and long-term performance, given current economic conditions.
The plan involves reducing its global workforce by 14%, which is expected to generate annual savings of around $9 million. Implementation of these changes will begin immediately and is set to be completed by the first quarter of 2025. The initiative is intended to enhance operational efficiency by optimizing company functions.
In the second quarter, the company reported total revenues of $33.3 million, up from $32.8 million in the second quarter of 2023. Its gross profit fell to $10.7 million (32% of revenues) from $12.3 million (37% of revenues) in the second quarter of 2023 due to a change in sales mix toward products made by third parties. Operating expenses decreased to $31.4 million from $53.4 million in the second quarter of 2023 due to a decline in compensation and G&A expenses.
Blink continued to increase its market share and grow its charging network by contracting, selling, or deploying 4,106 charging stations in the second quarter. It distributed nearly 33 gigawatt hours of energy through BLNK's charging networks. For 2024, the company projects its total revenues in the range of $145-$155 million, suggesting a rise from $140.6 million reported in 2023. It projects the gross margin to be around 33%, suggesting an increase from 28.6% reported in 2023. It expects to achieve positive adjusted EBITDA by 2025.
Blink plans to bolster its financial stability, profitability and competitive edge. It aims to build a more efficient and resilient organization to support future growth and strategic advantage. These actions are intended to improve the company's financial outlook and increase shareholder value.
Zacks Rank & Key Picks
BLNK currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. DORM, Blue Bird Corporation BLBD and Douglas Dynamics, Inc. PLOW, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.
Zacks Investment Research
REE Automotive Ltd. REE, a commercial EV developer and manufacturer, and Motherson Group, a manufacturer of automotive components, have announced a strategic agreement. Under this contract, Motherson will handle the sourcing and supply chain management for production parts and assist REE in assembling REEcorner and REE P7 electric trucks, the first fully by-wire, software-driven medium-duty electric trucks, on the market. Additionally, Motherson will nominate a director to join REE’s board.
In conjunction with this contract, REE has secured agreements with investors, including M&G Investments, Motherson and Varana Capital, for the sale of approximately 11 million Class A ordinary shares at $4.122 per share for $45.35 million in gross proceeds. The funds will be used for general working capital and the offering is expected to close by Sept. 19, 2024, pending customary conditions.
M&G Investments led the investment with $20 million, followed by Motherson’s $15 million contribution. Upon closing, M&G will own around 16% of REE’s outstanding shares, Motherson will hold 19% on a non-diluted basis, and Varana Capital will hold 8%.
Through this partnership, REE will leverage Motherson's buying power, manufacturing expertise and industry connections to accelerate production in response to growing demand from major multinational customers. REE’s software-driven medium-duty electric trucks are positioned to meet the anticipated transition of more than 240,000 trucks to electric power in the United States alone, with an even larger market globally. The collaboration allows REE to focus on expanding its customer base, increasing orders, improving gross and cash flow margins and enhancing its patent portfolio.
Per Daniel Barel, co-founder and CEO of REE, the partnership will help the company overcome many production challenges. Motherson's worldwide presence and manufacturing expertise, combined with REE's focus on technology and innovation, will provide significant advantages to both the companies’ customers and investors. Sullivan & Worcester LLP represented REE concerning matters relating to U.S. law while Herzog Fox & Neeman represented it with respect to matters relating to Israeli law.
Zacks Rank & Key Picks
REE currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. DORM, Blue Bird Corporation BLBD and Douglas Dynamics, Inc. PLOW, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.
Zacks Investment Research
Hyzon Motors Inc. HYZN, a supplier of zero-emission hydrogen fuel cell-powered heavy vehicles, has announced the start of production (SOP) for its advanced Class 8 200kW Fuel Cell Electric Truck (FCET). This milestone marks the company’s ability to commence production of the 200kW FCET through its partnership with North Carolina-based Fontaine Modification.
Per Parker Meeks, CEO of Hyzon, the Class 8 200kW FCET represents the culmination of years of engineering, which has evolved from a prototype into a fully production-ready vehicle that enables fleet operators to cut emissions without compromising power, range, or reliability.
With the completion of its first 200kW Class 8 truck using production-grade components and processes, Hyzon is transitioning its truck platform from prototype to series production. This achievement coincides with HYZN’s anticipation of declaring SOP for its 200kW single-stack Fuel Cell System at its Bolingbrook facility, one of the largest integrated fuel cell system production plants in the United States and the only facility launching a 200kW+ single-stack fuel system into serial production, in the coming weeks.
As part of the FCET’s development, Fontaine Modification will handle vehicle assembly and production in Charlotte, NC. The company provides kits to Fontaine for the fuel cell system, battery packs and hydrogen storage systems. Fontaine integrates these components into vehicle chassis to ensure each truck is road-ready. Fontaine has confirmed that all equipment, documentation and processes required for series production are in place as part of the SOP.
The Class 8 200kW FCET boasts a single-stack 200kW fuel cell system that is 30% lighter and smaller, and 25% more cost-effective than the dual 110kW systems. This breakthrough design delivers a compact, high-performance vehicle tailored for heavy-duty road transport. Hyzon also expects to achieve ISO 9001 certification, the globally recognized quality management standard, by the fourth quarter of 2024.
Zacks Rank & Key Picks
HYZN currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. DORM, Blue Bird Corporation BLBD and Douglas Dynamics, Inc. PLOW, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.
Zacks Investment Research
Mark Van Genderen Promotedto Chief Operating OfficerChief Human Resources Officer Linda Evans to Retire at Year-EndShannan Vlieger Promoted to Senior Vice President, People and Culture
MILWAUKEE, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Douglas Dynamics, Inc. (NYSE: PLOW), North America’s premier manufacturer and upfitter of work truck attachments and equipment, today announced several senior management team changes. Mark Van Genderen has been appointed as Chief Operating Officer (COO) of Douglas Dynamics, and President of Work Truck Attachments, effective immediately. Chief Human Resources Officer, Linda Evans, has announced her intent to retire on January 2, 2025, and Shannan Vlieger has been named Senior Vice President, People and Culture, effective October 1, 2024.
Mark Van Genderen Appointed Chief Operating Officer and President of Work Truck Attachments
Mark Van Genderen has been promoted to Chief Operating Officer of Douglas Dynamics, effective immediately. He will also retain his title and responsibilities as President of Work Truck Attachments. Mr. Van Genderen will oversee both of the company’s reporting segments, Work Truck Attachments and Work Truck Solutions.
Mark joined Douglas Dynamics in 2020 and has served as President, Work Truck Attachments, President of Commercial Snow & Ice Control (CSI), and Vice President, Strategic and Business Development over the past four years. Mark brings a combined 33 years of professional experience. Prior to joining Douglas Dynamics, he spent 21 years in multiple leadership roles at the Harley-Davidson Motor Company, a manufacturer of premium motorcycles.
“Over the past four years, Mark has established himself as an important leader within our organization,” noted Jim Janik, Chairman, Interim President, and CEO. “His broad operational background and demonstrated expertise both at Douglas and in previous roles make him the ideal candidate for COO. Just as importantly, he has consistently demonstrated that he shares our values, and his leadership style matches our culture. We have every confidence that Mark will continue to succeed and thrive at Douglas Dynamics as we build a strong, resilient organization.”
Linda Evans retiring as Chief Human Resources Officer
Linda Evans has informed the company of her plans to retire on January 2, 2025, after 16 years with the company. Linda joined the company in 2008 as Vice President of Human Resources. She was promoted to Executive Vice President of Human Resources in 2022, and Chief Human Resources Officer in 2023. During her tenure, the company has grown from approximately 500 employees in three locations to approximately 1,700 employees in 21 locations. Linda has played a pivotal role in numerous aspects of the company’s growth including its initial public offering, the completion and integration of multiple acquisitions and developing initiatives to define, shape and maintain our culture.
“Linda’s importance to our company over the past sixteen years cannot be overstated,” explained Mr. Janik. “She has been instrumental in shaping our culture and has been a trusted partner to countless people across the entire Douglas organization. We are grateful for her service and the lasting impact she has had on our company. Her passion and enthusiasm will be greatly missed, and we wish her the very best in her retirement.”
Shannan Vlieger promoted to Senior Vice President, People and Culture
Shannan Vlieger has been promoted to Senior Vice President, People and Culture, effective October 1, 2024, reflecting her outstanding contributions during her eight-year career at Douglas Dynamics. In this new role, she will oversee all Human Resources functions, Organizational Development, and Safety for Douglas Dynamics. Shannan will also continue to be responsible for the company’s Environmental, Social and Governance (ESG) efforts.
In her current capacity as Vice President, Business Transformation, Shannan leads strategic initiatives and Continuous Improvement efforts using the Douglas Dynamics Management System (DDMS). She joined the company in 2016 as Director of Operational Excellence, providing leadership in the development and implementation of DDMS enterprise wide. Prior to joining the company, Shannan spent 13-years at Harley-Davidson Motor Company in a variety of roles focused on change management, process improvement, HR, continuous improvement, organizational development, and training.
Sarah Lauber, Executive Vice President, and CFO explained, “This promotion represents a natural progression in Shannan’s career, combining her expertise in strategic management with her passion for continuous improvement, with a focus on human resources. We have no doubt her dynamic leadership will prove immeasurably important to the growth and success of the organization in the years ahead.”
Mr. Janik concluded, “These appointments reflect our commitment to strengthening our leadership and culture. Promoting from within ensures that our team is aligned and ready to lead us into the future. Both Shannan and Mark bring a wealth of experience and a unique perspective that will be invaluable as we continue to optimize our operations. I look forward to working closely with them both in the quarters ahead as we shape the future of Douglas Dynamics.”
Mark Van Genderen bioMark Van Genderen previously served as President, Work Truck Attachments from 2023 to 2024. His additional roles at the company include President of Commercial Snow & Ice Control (CSI) from 2021 to 2023, and Vice President of Strategy and Business Development from 2020 to 2021. Mark joined Douglas Dynamics in 2020 after spending 21 years in multiple leadership roles at the Harley-Davidson Motor Company. These responsibilities included leadership of the company’s Latin America division, the company’s parts and accessories product development function, and Harley-Davidson’s riding gear and lifestyle apparel division which included the company’s eCommerce business.
Mark is a member of the Lutheran Social Services Foundation Board of Wisconsin and Upper Michigan, where he serves as the Chair of the Finance, Investment, and Audit Committee. Mark is a past Trustee at Hope College, his undergraduate alma mater, where he holds a bachelor’s degree in Business Administration. Mark also holds an MBA from Northwestern University’s Kellogg School of Management.
Shannan Vlieger bioIn her current capacity as Vice President, Business Transformation, Shannan leads strategic initiatives and Continuous Improvement efforts using the Douglas Dynamics Management System (DDMS), that she helped to develop and codify. Since 2018, Shannan has been at the forefront of steering the company's Environmental, Social, and Governance (ESG) efforts. She joined the company in 2016 as Director of Operational Excellence, providing leadership in the development and implementation of DDMS enterprise wide.
Prior to joining Douglas Dynamics, Shannan spent 13 years at Harley-Davidson Motor Company in a variety of roles across the organization with an emphasis on people and process improvement. Her extensive experience includes continuous improvement, organizational development and change management as well as building and managing an HR Operations team responsible for leading strategic HR initiatives, HR Data & Analytics and HR Shared Services.
Shannan received her undergraduate degree in Industrial Engineering from the University of Wisconsin – Madison and achieved a Master of Business Administration at Marquette University. She is currently completing the Chief Human Resources Officer (CHRO) Program at the Wharton School of the University of Pennsylvania.
About Douglas Dynamics
Home to the most trusted brands in the industry, Douglas Dynamics is North America’s premier manufacturer and up-fitter of commercial work truck attachments and equipment. For more than 75 years, the company has been innovating products that not only enable people to perform their jobs more efficiently and effectively, but also enable businesses to increase profitability. Through its proprietary Douglas Dynamics Management System (DDMS), the company is committed to continuous improvement aimed at consistently producing the highest quality products, at industry-leading levels of service and delivery that ultimately drive shareholder value. The Douglas Dynamics portfolio of products and services is separated into two segments: First, the Work Truck Attachments segment, which includes commercial snow and ice control equipment sold under the FISHER®, SNOWEX® and WESTERN® brands. Second, the Work Truck Solutions segment, which includes the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands.
For further information contact:Douglas Dynamics, Inc.Nathan ElwellVice President of Investor Relations847-530-0249investorrelations@douglasdynamics.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5abcff9a-6996-459a-84e0-be9baae2d67e
https://www.globenewswire.com/NewsRoom/AttachmentNg/55364164-91ee-41a0-9cc2-df875686ff83
https://www.globenewswire.com/NewsRoom/AttachmentNg/a6a7dc04-f222-4991-86a9-d89b21cf3c5a
Here are three stocks with buy ranks and strong growth characteristics for investors to consider today September 17th:
Carpenter Technology CRS: This company which is a producer and distributor of premium specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels as well as drilling tools, carries a Zacks Rank #1(Strong Buy), and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 11% over the last 60 days.
Carpenter Technology Corporation Price and Consensus
Carpenter Technology Corporation price-consensus-chart | Carpenter Technology Corporation Quote
Carpenter Technology's has a PEG ratio of 0.80 compared with 0.86 for the industry. The company possesses a Growth Score of A.
Carpenter Technology Corporation PEG Ratio (TTM)
Carpenter Technology Corporation peg-ratio-ttm | Carpenter Technology Corporation Quote
Blue Bird BLBD: This company which is engaged in the designing, engineering, manufacturing and sale of school buses and related parts, carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 23.8% over the last 60 days.
Blue Bird Corporation Price and Consensus
Blue Bird Corporation price-consensus-chart | Blue Bird Corporation Quote
Blue Bird has a PEG ratio of 0.25 compared with 0.66 for the industry. The company possesses a Growth Score of B.
Blue Bird Corporation PEG Ratio (TTM)
Blue Bird Corporation peg-ratio-ttm | Blue Bird Corporation Quote
KT KT: This company which provides telecommunication services, carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 3.9% over the last 60 days.
KT Corporation Price and Consensus
KT Corporation price-consensus-chart | KT Corporation Quote
KT's has a PEG ratio of 0.75 compared with 1.04 for the industry. The company possesses a Growth Score of B.
KT Corporation PEG Ratio (TTM)
KT Corporation peg-ratio-ttm | KT Corporation Quote
See the full list of top ranked stocks here.
Learn more about the Growth score and how it is calculated here.
Zacks Investment Research
Nissan Motor Co., Ltd. NSANY has informed its dealers that it is set to reduce production of the Rogue and Frontier by up to 40,000 units in September and October. This decision aims to address inventory and oversupply issues, as dealers face challenges in boosting sales and profits, even though the Rogue remains Nissan's top-selling model.
Rogue sales have declined 4.5% in the first half of the year compared with the same period last year. Although Frontier sales are up 17.1%, both models still have supply levels higher than the industry average.
Per Automotive News, Nissan notified suppliers last month about the output cuts at its Smyrna, TN and Canton, MS, plants. Production of the Rogue has been scaled back from five days a week to four, a change set to continue until the end of October. Frontier production has also been reduced by a day and will last until March 31, 2025.
Nissan advised dealers in May to sell vehicles at a loss to reduce growing inventories, which reached a near 100-day supply. While this strategy has helped lower inventory levels closer to industry standards, it hasn't fully solved the problem, and dealer profitability has taken a hit.
Along the same lines, Honda Motor Co., Ltd. HMC temporarily suspended production at its three factories in Wuhan, operated with Dongfeng Motor Corp, due to high inventories. The halt began on Aug. 26, 2024, and lasted two weeks. In August, Honda's sales in China fell 44.3% year over year amid rising competition from EV makers. The automaker will also halt production later this year at a Dongfeng Honda factory and one plant of GAC Honda Automobile Co.
Zacks Rank & Key Picks
NSANY currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. DORM and Blue Bird Corporation BLBD, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
Zacks Investment Research
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