Business
XPEL Reports Record Revenue in Fourth Quarter 2020 of $48.6 million; Fourth Quarter Revenue Increase of 23.1%; Full Year Revenue Increase of 22.3%
SAN ANTONIO--(BUSINESS WIRE)-- XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of protective films and coatings, announced results for the
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 results for the fourth quarter and year ended December 31, 2020.\n\nFourth Quarter 2020 Highlights:\n\n\nRevenues increased 23.1% to $48.6 million compared to fourth quarter 2019 and increased 5.4% sequentially as compared to third quarter 2020\n\n\nNet income grew 31.8% to $6.1 million, or $0.22 per basic and diluted share, compared to $4.6 million, or $0.17 per basic and diluted share, in the same quarter of 2019\n\n\nEBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) grew 45.3% to $8.1 million, or 16.6% of revenues compared to $5.6 million, or 14.1% in fourth quarter 20191\n\n\nFull Year Highlights\n\n\nRevenues increased 22.3% to $158.9 million compared to full year 2019.\n\n\nNet income increased 30.6% to $18.3 million, or $0.66 per basic and diluted share, compared to $14.0 million, or $0.51 per basic and diluted share, in 2019\n\n\nEBITDA grew 34.9% to $25.3 million, or 15.9% of revenues, as compared to $18.7 million, or 14.4% of revenues in 20191\n\n\nRyan Pape, President and Chief Executive Officer of XPEL, commented, “We closed out a strong year by delivering record fourth quarter results – our second consecutive quarter reaching record levels. The XPEL brand continues to grow around the world, and as we move through 2021 we’re focused on continuing the momentum achieved in the back half of 2020.”\n\nThe Company also announced the filing of an automatic “shelf” registration statement on Form S-3. Under this shelf registration statement, the Company may sell from time to time in one or more offerings, various series of debt securities, common stock, or other securities.\n\nBarry Wood, Senior Vice President and Chief Financial Officer of XPEL, commented, “While we have no current plans to raise capital, this registration statement provides flexibility and maximizes our optionality in raising capital should the need arise in the future as we execute on our multi-faceted growth strategy.\"\n\nFor the Quarter Ended December 31, 2020: \n\nRevenues. Revenues increased approximately $9.1 million or 23.1% to $48.6 million as compared to $39.5 million in the fourth quarter of the prior year.\n\nGross Margin. Gross margin was 32.8% compared to 31.5% in the fourth quarter ...