Shares of XL Fleet (NYSE: XL) soared today, up by 11% as of 2:45 p.m. EDT, after the company reported first-quarter earnings. XL Fleet also announced an acquisition intended to bolster its charging infrastructure offerings.
Revenue in the first quarter was $675,000, which missed the consensus estimate of $970,000. That resulted in net income of $61.9 million, or $0.42 per share. However, the profit was primarily attributable to an accounting adjustment related to the change in fair value of warrant liability , as XL Fleet redeemed all of its outstanding warrants during the quarter. The company, which provides automotive electrification services for commercial fleet operators, reported an operating loss of $10 million.
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Why XL Fleet Stock Soared Today