XPEL Revenues Increase 19.5% to $85.8 Million in First Quarter 2023 With Gross Margin of 41.9%

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 March 31, 2023.\n\n\nFirst Quarter 2023 Highlights:\n\n\n\nRevenues increased 19.5% to $85.8 million in the first quarter.\n\n\n\nGross margin percentage improved to 41.9% in the first quarter, a new high for the Company.\n\n\n\nNet income grew 46.5% to $11.4 million, or $0.41 per share, compared to $7.8 million, or $0.28 per share, in the same quarter of 2022.\n\n\n\nEBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) grew 43.9% to $17.1 million, or 19.9% of revenues compared to $11.9 million in first quarter 2022.1\n\n\n\nRyan Pape, President and Chief Executive Officer of XPEL, commented, “We’re off to a great start in 2023 with solid first quarter results. We continue to see good momentum in our business and remain focused on driving growth as we move through 2023.”\n\n\nFor the Quarter Ended March 31, 2023:\n\n\nRevenues. Revenues increased approximately $14.0 million or 19.5% to $85.8 million as compared to $71.9 million in the first quarter of the prior year.\n\n\nGross Margin. Gross margin was 41.9% compared to 38.6% in the first quarter of 2022.\n\n\nExpenses. Operating expenses increased to $21.0 million, or 24.5% of sales, compared to $17.7 million, or 24.6% of sales in the prior year period.\n\n\nNet income. Net income was $11.4 million, or $0.41 per basic and diluted share, versus net income of $7.8 million, or $0.28 per basic and diluted share in the first quarter of 2022.\n\n\nEBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $17.1 million, or 19.9% of sales, as compared to $11.9 million, or 16.5% of sales in the prior year.1\n\n\nConference Call Information\n\n\nThe Company will host a conference call and webcast today, May 9, 2023 at 11:00 a.m. Eastern Time to discuss the Company’s first quarter 2023 results.\n\n\nTo access the live webcast, please visit the XPEL, Inc. website at www.xpel.com/investor.\n\n\nTo participate in the call by phone, dial (888) 506-0062 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0011. Callers should use access code: 760015.\n\n\nA replay of the teleconference will be available until June 8, 2023 and may be accessed ...

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