XPEL Reports Third Quarter 2022 Results

About this update from Xpel, Inc.

[{"type":"text","content":" SAN ANTONIO, Texas--(BUSINESS WIRE)--\nXPEL, Inc. (Nasdaq: XPEL) a global provider of protective films and coatings, today announced results for the third quarter and nine months ended September 30, 2022.\n\nThird Quarter 2022 Highlights:\n\n\nRevenues increased 31.0% to a record $89.8 million in the third quarter.\n\n\nGross margin percentage improved to 39.8% in the third quarter, a new high for the Company.\n\n\nNet income grew 59.9% to $13.3 million, or $0.48 per share, compared to $8.3 million, or $0.30 per share, in the same quarter of 2021.\n\n\nEBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) grew 66.0% to $18.9 million, or 21.1% of revenues compared to $11.4 million in third quarter 2021.1\n\n\nFirst Nine Months Highlights:\n\n\nRevenues increased 29.8% to $245.5 million in the first nine months of 2022.\n\n\nGross margin percentage improved to 39.3% in the first nine months of 2022.\n\n\nNet income grew 30.2% to $33.0 million, or $1.20 per share, compared to $25.4 million, or $0.92 per share, in the first nine months of 2021.\n\n\nEBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) grew 40.6% to $48.0 million, or 19.5% of revenues compared to $34.1 million in the first nine months of 2021.1\n\n\nRyan Pape, President and Chief Executive Officer of XPEL, commented, “Our strong third quarter results reflect on-going momentum in the business even in the face of economic uncertainty. We saw solid performance across most of our regions and we look forward to continuing to build on this momentum as we close out the year.”\n\nFor the Quarter Ended September 30, 2022:\n\nRevenues. Revenues increased approximately $21.2 million or 31.0% to $89.8 million as compared to $68.5 million in the third quarter of the prior year.\n\nGross Margin. Gross margin was 39.8% compared to 35.7% in the third quarter of 2021.\n\nExpenses. Operating expenses increased to $18.5 million, or 20.6% of sales, compared to $14.1 million, or 20.6% of sales in the prior year period.\n\nNet income. Net income was $13.3 million, or $0.48 per basic and diluted share, versus net income of $8.3 million, or $0.30 per basic and diluted share in the third quarter of 2021.\n\nEBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $18.9 million, or 21.1% of sales, as compared to $11.4 million, ...

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