Twin Vee PowerCats Co (VEEE) Q3 2024 Earnings Call Highlights: Navigating Challenges with ...

GuruFocus.com11-15

Release Date: November 14, 2024 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Twin Vee PowerCats Co (NASDAQ:VEEE) has managed ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2483312699?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-11-15 15:13","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2483312699","market":"us","top_or_hot":-1,"title":"Twin Vee PowerCats Co (VEEE) Q3 2024 Earnings Call Highlights: Navigating Challenges with ...","media":"GuruFocus.com","content":"<div>\n<p>Release Date: November 14, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nTwin Vee PowerCats Co (NASDAQ:VEEE) has managed ...</p>\n\n<a href=\"https://finance.yahoo.com/news/twin-vee-powercats-co-veee-071340522.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Twin Vee PowerCats Co (VEEE) Q3 2024 Earnings Call Highlights: Navigating Challenges with ...</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTwin Vee PowerCats Co (VEEE) Q3 2024 Earnings Call Highlights: Navigating Challenges with ...\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-15 15:13 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/twin-vee-powercats-co-veee-071340522.html><strong>GuruFocus.com</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Release Date: November 14, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nTwin Vee PowerCats Co (NASDAQ:VEEE) has managed ...</p>\n\n<a href=\"https://finance.yahoo.com/news/twin-vee-powercats-co-veee-071340522.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"VEEE","symbol_name":"Twin Vee Powercats Co","start_time":0,"source_url":"https://finance.yahoo.com/news/twin-vee-powercats-co-veee-071340522.html","article_id":"2483312699","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483312699","pubTimestamp":1731654820,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"For the complete transcript of the earnings call, please refer to the full earnings call transcript.Twin Vee PowerCats Co  has managed to increase the average sales price by 17% due to a focus on bigger, higher-priced boats.The company has reduced consolidated operating expenses by 16% compared to the third quarter of 2023.The company is actively managing production and refining its supply chain to adapt to changing market conditions.Net sales for the third quarter of 2024 were $2.9 million, a significant reduction of 64% from the same period in 2023.The company sold only 20 boats in the third quarter compared to 66 in the same period last year.The company is facing a challenging retail environment with economic headwinds and inflationary pressures affecting demand.A: Joseph Visconti, CEO, expressed optimism for the next 4 to 6 months, expecting a positive shift in the retail environment. He believes that political and economic ch","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"VEEE":"Twin Vee Powercats Co"},"translate_title":"Twin Vee PowerCats Co(VEEE)2024年第三季度收益看涨期权亮点：应对挑战...","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VEEE":1},"content_text":"Release Date: November 14, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nTwin Vee PowerCats Co (NASDAQ:VEEE) has managed to increase the average sales price by 17% due to a focus on bigger, higher-priced boats.\nThe company has reduced consolidated operating expenses by 16% compared to the third quarter of 2023.\nTwin Vee PowerCats Co (NASDAQ:VEEE) ended the third quarter with $11.4 million in cash and cash equivalents, indicating a strong liquidity position.\nThe company is actively managing production and refining its supply chain to adapt to changing market conditions.\nTwin Vee PowerCats Co (NASDAQ:VEEE) is preparing for a market rebound with a solid product pipeline, including new designs and models.\n\n Negative Points \n\nNet sales for the third quarter of 2024 were $2.9 million, a significant reduction of 64% from the same period in 2023.\nThe company sold only 20 boats in the third quarter compared to 66 in the same period last year.\nTwin Vee PowerCats Co (NASDAQ:VEEE) experienced a slightly negative gross margin due to cost-cutting efforts not keeping pace with declining sales.\nThe company is facing a challenging retail environment with economic headwinds and inflationary pressures affecting demand.\nOperational cash burn was approximately $547,000 per month, which the company acknowledges as unacceptable and is working to reduce.\n\n Q & A Highlights \n\nWarning! GuruFocus has detected 3 Warning Signs with VEEE.\n\nQ: Can you provide more details on the financial performance for Q3 2024? A: Michael Dickerson, CFO, reported that net sales were $2.9 million for Q3 2024, a 64% decrease from the same quarter in 2023. The company sold 20 boats compared to 66 in the previous year, with a 17% increase in average sales price due to a focus on larger, higher-priced boats. Despite cost-cutting efforts, the company experienced a slightly negative gross margin due to the rapid decline in sales.\nQ: What measures are being taken to address the cash burn and financial challenges? A: Michael Dickerson, CFO, stated that the company is focused on reducing cash burn by driving sales efforts, eliminating discretionary spending, reducing headcount, and scrutinizing every line item for potential savings. They aim to achieve a consolidated adjusted net loss of $400,000 per month or better by the end of Q1 2025.\nQ: How is the company handling the current inventory and production challenges? A: Joseph Visconti, CEO, explained that the company is managing production to align with demand, reducing overhead, and consolidating production into a single facility. They are also working with dealers to manage high inventory levels and have delayed shipments as needed.\nQ: What is the outlook for the recreational vehicle and boating industry? A: Joseph Visconti, CEO, expressed optimism for the next 4 to 6 months, expecting a positive shift in the retail environment. He believes that political and economic changes, particularly under President-elect Donald Trump, will benefit the industry through deregulation, tax incentives, and economic stimulation.\nQ: What strategic initiatives are in place for future growth? A: Joseph Visconti, CEO, highlighted the development of a new line of bay boats, set to launch in Q1 2025, and the focus on expanding the customer base. The company is preparing for a market rebound with a solid product pipeline and operational agility to capture renewed customer interest.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483312699"}