Business
XPEL Reports Record Revenue of $109.9 million in Second Quarter 2024
SAN ANTONIO--(BUSINESS WIRE)-- XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of protective films and coatings, announced consolidated results1
About this update from Xpel, Inc.
[{"type":"text","content":" SAN ANTONIO--(BUSINESS WIRE)--\nXPEL, Inc. (Nasdaq: XPEL) (the \"Company\"), a global provider of protective films and coatings, announced consolidated results1 for the second quarter of 2024.\n\n\nSecond Quarter 2024 Overview:\n\n\n\nRevenue increased 7.5% to $109.9 million in the second quarter of 2024.\n\n\n\nGross margin of 43.5% in the second quarter of 2024.\n\n\n\nNet income of $15.0 million, or $0.54 per basic and diluted share, versus net income of $15.7 million, or $0.57 per basic and diluted share in the second quarter of 2023.\n\n\n\nEBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $21.8 million, or 19.9% of revenue, compared to $22.4 million, or 21.9% of revenue in the second quarter of 2023. 2\n\n\n\nFirst Six Months 2024 Overview:\n\n\n\nRevenue increased 6.4% to $200.0 million in the first six months of 2024.\n\n\n\nGross margin of 42.9% in the first six months of 2024.\n\n\n\nNet income of $21.7 million, or $0.79 per basic and diluted share, versus net income of $27.2 million, or $0.98 per basic and diluted share in the first six months of 2023.\n\n\n\nEBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $33.5 million, or 16.8% of revenue, compared to $39.5 million, or 21.0% of revenue in the first six months of 2023.2\n\n\n\nRyan Pape, President and Chief Executive Officer of XPEL, commented, \"We saw record revenue, record operating cash flow and solid gross margin performance in the second quarter. We are off to a great start in Q3 and we remain well positioned to capitalize on growth opportunities wherever they may exist.\"\n\n\nFinancial Highlights for the Second Quarter 2024:\n\n\nSummary consolidated financial information for the three months ended June 30, 2024 and 2023 (unaudited, dollars in thousands):\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended June 30,\n\n\n\n\n\n \n\n% Change\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n%\n\n\n\n\nof Total Revenue\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n%\n\n\n\n\nof Total Revenue\n\n\n\n\n\n\n \n\n\n\n\n\n\n2024 vs. 2023\n\n\n\n\n\n\n\n\nTotal revenue\n\n\n\n\n\n\n$\n\n\n\n\n\n\n109,917\n\n\n\n\n\n\n \n\n\n\n\n\n\n100.0\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n102,237\n\n\n\n\n\n\n \n\n\n\n\n\n\n100.0\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n7.5\n\n\n\n\n\n...