What happened 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. So what 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. Image source: Getty Images. "As we anticipated, the first quarter was challenging, with OEM delays continuing to impact the entirety of the automotive supply chain," CEO Dimitri Kazarinoff said in a statement. "While near-term uncertainty remains in place, we continue to position our company for accelerated growth, adding key leadership and scaling our organization to meet the increasing demand for vehicle electrification." Now what XL Fleet has acquired World Energy Efficiency Services for $16 million in cash and stock. The deal is designed to help XL Fleet expand its electric vehicle charging infrastructure services. The total price tag included $8 million in cash and $7 million worth of stock, with another $1 million to be paid out if World Energy Efficiency Services can hit a revenue target for 2021. The company did not provide specific financial guidance due to ongoing uncertainties related to supply chain challenges. 10 stocks we like better than XL Fleet Corp.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and XL Fleet Corp. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of May 11, 2021 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source