XL Fleet (XL) Tops Q4 EPS by 3c, Revenue Beats

XL Fleet (NYSE: XL) reported Q4 EPS of ($0.06), $0.03 better than the analyst estimate of ($0.09). Revenue for the quarter came in at $10.9 million versus the consensus estimate of $10.1 million.

Outlook:

“We believe the long-term outlook for the commercial fleet market remains robust, with continued growth in demand for electrification and our expanding base of solutions,” said Mr. Kazarinoff. “The world is electrifying – however, economies and businesses around the world continue to face ongoing impacts of the COVID-19 pandemic. As a result, we continue to experience significant friction including OEM delays amid microchip and other shortages, and currently forecast first quarter 2021 revenue of approximately $1 million, or roughly flat versus the prior year quarter.”

“Given this ongoing uncertainty and the potential for extended industry-wide issues, combined with typical seasonal patterns in our orders and a significant majority of revenues focused on the second half as in prior years, we are not currently providing formal full-year 2021 financial guidance. As these pressures abate, we expect to see a stronger market environment emerge later this year. In this scenario, we would expect to realize significant revenue growth in 2021, accompanied by even more pronounced seasonality and therefore weighting to the second half of the year.”

For earnings history and earnings-related data on XL Fleet (XL) click here.

(updated 4/5/21 10:00AM ET to correct revenue consensus)

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