Why XL Fleet Stock Soared Today

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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Source Fool.com