Business
XPEL Reports Record Revenue Growth in Fourth Quarter 2019 of 47.4%; Full Year Revenue Growth of 18.2%
SAN ANTONIO--(BUSINESS WIRE)-- XPEL, Inc. (Nasdaq: XPEL), a global provider of protective films and coatings, announced results for the fourth quarter and
About this update from Xpel, Inc.
[{"type":"text","content":" SAN ANTONIO--(BUSINESS WIRE)--\nXPEL, Inc. (Nasdaq: XPEL), a global provider of protective films and coatings, announced results for the fourth quarter and year ended December 31, 2019.\n\n\nFourth Quarter 2019 Highlights:\n\n\n\nRevenues increased 47.4% to $39.5 million compared to fourth quarter 2018\n\n\nNet Income of $4.6 million compared to $1.9 million in the same quarter of 2018\n\n\nEBITDA increased to $5.6million compared to $2.9 million in fourth quarter 2018\n\n\n\nFull Year 2019 Highlights:\n\n\n\nRevenues increased 18.2% to $129.9 million compared to full year 2018\n\n\nGross margin improved to 34.5% compared to 30.4% for full year 2018\n\n\nEarnings per share of $0.51 compared to $0.32 per share in 2018\n\n\n\nRyan Pape, President and Chief Executive Officer of XPEL, commented, “We closed 2019 on a strong note, delivering another quarter of record revenues, enhanced profitability and significant EBITDA growth to cap our best year ever.”\n\n\nChina revenue in Q1 has been significantly negatively impacted by COVID-19. The Company believes the impact of COVID-19 will begin to diminish in the China market in the second quarter. The Company is monitoring the impact of COVID-19 in other markets, including Europe and the United States. To date in the first quarter, the Company has seen strong performance in both the United States and Europe.\n\n\nFor the Quarter Ended December 31, 2019: \n\n\nRevenues. Revenues increased approximately $12.7 million or 47.4% to $39.5 million as compared to $26.8 million in the prior year.\n\n\nGross Margin. Gross margin was 31.5%, essentially flat compared to 31.4% in the fourth quarter of 2018.\n\n\nExpenses. Selling, general and administrative expenses increased to $7.5 million but declined as a percentage of sales to 18.9% as compared to $5.8 million or 21.8% of sales in the prior year period.\n\n\nNet income. Net income increased to $4.6 million, or $0.17 per basic and diluted share versus net income of $1.9 million, or $0.07 per basic and diluted share in the fourth quarter of 2018.\n\n\nEBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased to $5.6 million, or 14.1% of sales, as compared to $2.9 million in the prior year1.\n\n\nFor the Year Ended December 31, 2019: \n\n\nRevenues. Revenues increased approximately $20.0 million or 18.2% to $129.9 m...