Business
XPEL Reports Revenue Growth of 19.0%, Net Income growth of 32.1% in Second Quarter 2020
SAN ANTONIO, Texas--(BUSINESS WIRE)-- XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of protective films and coatings, announced results for
About this update from Xpel, Inc.
[{"type":"text","content":" SAN ANTONIO, Texas--(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, 2020.\n\n\nSecond Quarter 2020 Highlights:\n\n\n\nRevenues increased 19.0% to $35.8 million compared to second quarter 2019\n\n\nNet income grew 32.1% to $4.0 million, or $0.14 per basic and diluted share, compared to $3.0 million, or $0.11 per basic and diluted share, in the same quarter of 2019\n\n\nEBITDA grew 29.2% to $5.7 million, or 15.8% of revenues compared to $4.4 million in second quarter 20191\n\n\n\nFirst Six Months Highlights\n\n\n\nRevenues increased 17.1% to $64.2 million compared to the prior year period\n\n\nNet income increased 14.7% to $5.6 million, or $0.20 per basic and diluted share, compared to $4.9 million, or $0.18 per basic and diluted share, in the same period of 2019\n\n\nEBITDA grew 14.0% to $8.2 million, or 12.8% of revenues, as compared to $7.2 million in the same prior year period1\n\n\n\nRyan Pape, President and Chief Executive Officer of XPEL, commented, “We're very pleased to have achieved strong second quarter results even as the world continued to contend with the impact of the COVID-19 pandemic. As we moved through the quarter, following early lockdown-related declines, we saw incredible top line resilience, led by the United States and China, which culminated in an all-time record revenue month in June. Early in the quarter, our team took swift action to manage through the crisis. These actions, along with this top line recovery, drove substantial net income growth and record operating cash flow while avoiding any layoffs or furloughs. While the economy continues to face uncertainty related to future COVID-19 impacts, we are cautiously optimistic that our second quarter momentum will continue as we move through the rest of the year.”\n\n\nFor the Quarter Ended June 30, 2020: \n\n\nRevenues. Revenues increased approximately $5.7 million or 19% to $35.8 million as compared to $30.1 million in the prior year.\n\n\nGross Margin. Gross margin was 32.8% compared to 35.3% in the second quarter of 2019.\n\n\nExpenses. Operating expenses decreased slightly to $6.6 million, or 18.4% of sales, compared to $6.7 million or 22.1% of sales in the prior year period.\n\n\nNet income. Net income wa...