Business
XPEL Reports Record Revenue in Third Quarter 2020; Revenue Increases 29.5%
SAN ANTONIO--(BUSINESS WIRE)-- XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of protective films and coatings, announced results for the third
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 third quarter and first nine months ended September 30, 2020.\n\nThird Quarter 2020 Highlights:\n\n\nRevenues increased 29.5% to $46.1 million compared to third quarter 2019\n\n\nNet income grew 46.5% to $6.6 million, or $0.24 per basic and diluted share, compared to $4.5 million, or $0.16 per basic and diluted share, in the same quarter of 2019\n\n\nEBITDA grew 50.5% to $9.0 million, or 19.5% of revenues compared to $6.0 million in third quarter 20191\n\n\nNine Months Highlights\n\n\nRevenues increased 22.0% to $110.3 million compared to the prior year period\n\n\nNet income increased 30.0% to $12.2 million, or $0.44 per basic and diluted share, compared to $9.4 million, or $0.34 per basic and diluted share, in the same period of 2019\n\n\nEBITDA grew 30.5% to $17.2 million, or 15.6% of revenues, as compared to $13.2 million in the same prior year period1\n\n\nRyan Pape, President and Chief Executive Officer of XPEL, commented, “We saw solid top and bottom line performance in the third quarter with almost all of our regions experiencing record revenue. Third quarter auto sales were relatively strong in most of the regions in which we operate and there seems to be an increasing trend toward more vehicle ownership which creates opportunity for our business. Our third quarter results demonstrate that we are taking advantage of this opportunity and we are well positioned to continue to do so in the coming months.”\n\nFor the Quarter Ended September 30, 2020: \n\nRevenues. Revenues increased approximately $10.5 million or 29.5% to $46.1 million as compared to $35.6 million in the prior year.\n\nGross Margin. Gross margin was 34.8% compared to 34.5% in the third quarter of 2019.\n\nExpenses. Operating expenses increased slightly to $7.6 million, but decreased as a percentage of sales to 16.5%, compared to $6.6 million or 18.5% of sales in the prior year period.\n\nNet income. Net income was $6.6 million, or $0.24 per basic and diluted share versus net income of $4.5 million, or $0.16 per basic and diluted share in the third quarter of 2019.\n\nEBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $9.0 million, or 19.5% of sales, as compared to $6.0 m...