Business
XPEL Reports Revenue of $68.5 Million in Third Quarter 2021; Net Income of $8.3 Million
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, 2021.\n\nThird Quarter 2021 Highlights:\n\n\nRevenues increased 48.6% to $68.5 million compared to third quarter 2020. Organic revenue growth was 38.4%\n\n\n\nNet income grew 26.1% to $8.3 million, or $0.30 per basic and diluted share, compared to $6.6 million, or $0.24 per basic and diluted share, in the same quarter of 2020. Excluding acquisition integration and other one-time costs, net income increased 35.0% to $8.9 million or $0.32 per basic and diluted share.\n\n\n\nEBITDA grew 27.1% to $11.4 million, or 16.6% of revenues compared to $9.0 million, or 19.5% of sales in third quarter 2020.1 Excluding acquisition integration and other one-time costs, EBITDA grew 35.1% to $12.1 million, or 17.7% of revenue.\n\n\nFirst Nine Months Highlights:\n\n\nRevenues increased 71.4% to $189.1 million as compared to $110.3 million in the prior year period\n\n\n\nNet income increased by 108.0% to $25.4 million, or $0.92 per basic and diluted share, compared to $12.2 million, or $0.44 per basic and diluted share, in the same period of 2020\n\n\n\nEBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew 98.4% to $34.1 million, or 18.1% of revenues, as compared to $17.2 million, or 15.6% in the same prior year period1\n\n\nFor the Quarter Ended September 30, 2021:\n\nRevenues. Revenues increased approximately $22.4 million, or 48.6%, to $68.5 million as compared to $46.1 million in the prior year.\n\nGross Margin. Gross margin was 35.7% compared to 34.8% in the third quarter of 2020.\n\nExpenses. Operating expenses increased to $14.1 million, or 20.6% of sales, compared to $7.6 million, or 16.5% of sales in the prior year period.\n\nNet income. Net income was $8.3 million, or $0.30 per basic and diluted share, versus net income of $6.6 million, or $0.24 per basic and diluted share in the third quarter of 2020.\n\nEBITDA. EBITDA was $11.4 million, or 16.6% of sales, compared to $9.0 million, or 19.5% of sales in the prior year1.\n\nFor the Nine Months Ended September 30, 2021:\n\nRevenues. Revenues increased approximately $78.8 million, or 71.4%, to $189.1 million as compared to $110.3 million in the same period of ...