Business
XPEL Reports Record Revenue of $68.7 Million in Second Quarter 2021; Net Income of $10.2 Million
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 second quarter and first six months ended June 30, 2021.\n\nSecond Quarter 2021 Highlights:\n\n\nRevenues increased 92.0% to $68.7 million compared to second quarter 2020 and increased 32.5% sequentially compared to first quarter 2021\n\n\n\nNet income grew 156.3% to $10.2 million, or $0.37 per basic and diluted share, compared to $4.0 million, or $0.14 per basic and diluted share, in the same quarter of 2020\n\n\n\nEBITDA grew 139.8% to $13.6 million, or 19.8% of revenues compared to $5.7 million, or 15.8% of sales in second quarter 20201\n\n\nFirst Six Months Highlights:\n\n\nRevenues increased 87.9% to $120.6 million as compared to $64.2 million in the prior year period\n\n\n\nNet income increased by more than 200% to $17.0 million, or $0.62 per basic and diluted share, compared to $5.6 million, or $0.20 per basic and diluted share, in the same period of 2020\n\n\n\nEBITDA grew 176.1% to $22.7 million, or 18.9% of revenues, as compared to $8.2 million, or 12.8% in the same prior year period1\n\n\nFor the Quarter Ended June 30, 2021: \n\nRevenues. Revenues increased approximately $32.9 million, or 92%, to $68.7 million as compared to $35.8 million in the prior year.\n\nGross Margin. Gross margin was 36.7% compared to 32.8% in the second quarter of 2020.\n\nExpenses. Operating expenses increased to $12.6 million, or 18.3% of sales, compared to $6.6 million, or 18.4% of sales in the prior year period.\n\nNet income. Net income was $10.2 million, or $0.37 per basic and diluted share, versus net income of $4.0 million, or $0.14 per basic and diluted share in the second quarter of 2020.\n\nEBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $13.6 million, or 19.8% of sales, compared to $5.7 million, or 15.8% of sales in the prior year1.\n\n1 See reconciliation of non-GAAP financial measures below\n\nFor the Six Months Ended June 30, 2021: \n\nRevenues. Revenues increased approximately $56.4 million, or 87.9%, to $120.6 million as compared to $64.2 million in the same period of the prior year.\n\nGross Margin. Gross margin was 36.1% compared to 34.3% in the first six months of 2020.\n\nExpenses. Operating expenses increased to $22.3 million, or 18...