XPEL Reports Record Revenue of $102.2 Million in Second Quarter 2023 With Gross Margin of 43.0%

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, today announced results for the quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 Highlights:\n\n\n\nRevenues increased 21.9% to $102.2 million in the second quarter.\n\n\n\n\nGross margin percentage improved to 43.0% in the second quarter, a new high for the Company.\n\n\n\n\nNet income grew 32.3% to $15.7 million, or $0.57 per share, compared to $11.9 million, or $0.43 per share, in the same quarter of 2022.\n\n\n\n\nEBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) grew 30.5% to $22.4 million, or 21.9% of revenues compared to $17.2 million in second quarter 2022.1\n\n\n\nFirst Six Months Highlights:\n\n\n\nRevenues increased 20.8% to $188.1 million in the first six months of 2023.\n\n\n\n\nGross margin percentage improved to 42.5% in the first six months of 2023.\n\n\n\n\nNet income grew 37.9% to $27.2 million, or $0.98 per share, compared to $19.7 million, or $0.71 per share, in the first six months of 2022.\n\n\n\n\nEBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) grew 36.0% to $39.5 million, or 21.0% of revenues compared to $29.1 million in first six months of 2022.1\n\n\n\nRyan Pape, President and Chief Executive Officer of XPEL, commented, “We had another solid quarter and reached a significant milestone with quarterly revenue exceeding $100 million for the first time in the Company’s history. Consumer recognition for the long-term value of protective films is increasingly moving beyond the enthusiast market and we’re focused on continuing to introduce the XPEL brand to a broader segment of automotive dealerships and auto buyers.”\n\n\nFor the Quarter Ended June 30, 2023:\n\n\nRevenues. Revenues increased approximately $18.3 million or 21.9% to $102.2 million as compared to $83.9 million in the second quarter of the prior year.\n\n\nGross Margin. Gross margin was 43.0% compared to 39.3% in the second quarter of 2022.\n\n\nExpenses. Operating expenses increased to $23.8 million, or 23.3% of sales, compared to $17.2 million, or 20.5% of sales in the prior year period.\n\n\nNet income. Net income was $15.7 million, or $0.57 per basic and diluted share, versus net income of $11.9 million, or $0.43 per basic and diluted share in the second quarter of 2022.\n\n\nEBITDA....

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