XL Fleet Corp (NYSE:XL) is trading lower Friday after the company announced worse-than-expected second-quarter financial results.
XL Fleet reported a quarterly earnings loss of 8 cents per share, which came in below the estimate for a loss of 5 cents per share. The company reported quarterly revenue of $3.69 million, which came in below the estimate of $4.4 million.
We believe market interest in commercial fleet electrification solutions remains strong, however, supply chain issues and wide scale shortages of key materials, especially microchips, continue to impact the global automotive industry, significantly interrupting the ability of fleet customers to secure new vehicles on which our electrified drive systems are installed,” said Dimitri Kazarinoff, CEO of XL Fleet.
XL Fleet is a provider of fleet electrification solutions for commercial vehicles in North America.
Price Action: XL Fleet has traded as high as $35 and as low as $5.41 over a 52-week period.
At last check Friday, the stock was down 6.90% at $6.61.