XPEL Issues 2018 Fiscal Report

April 10th, 2019 by Emmariah Holcomb

A recent XPEL conference call gave an update on the company’s overall growth and its financial results for 2018. Ryan Pape, XPEL president and CEO, said last years’ results exceeded expectations, and that this success will aid in 2019’s first quarter. According to the report, the company’s revenue increased by approximately $42.6 million, or 63.3 percent, to $109.9 million when compared to its 2017 report of $67.3 million in revenue.

“2018 was a year of outstanding progress for our company reflected in record revenues, substantially improved gross margin performance and significantly enhanced profitability. Our robust growth is directly related to strong and growing worldwide demand for our high-quality, diverse products and customer-centric services,” said Pape.

According to the company’s report, its gross margin was to 30.4 percent, an improvement from 2017’s 24.8 percent. XPEL credits its gross margin growth to reductions in per unit material costs and reductions in non-product related costs.

XPEL recently announced that is has filed a registration statement with the U.S. Securities and Exchange Commission to register its securities.

“We are also excited about our pending U.S. listing which has been on our radar for a while now. As a U.S. based company, it’s logical for us to move our primary reporting jurisdiction to the U.S. We think this move will be beneficial both to our shareholders and the company by exposing XPEL to a larger audience of investors, ultimately increasing liquidity, simplifying compliance and increasing our access to capital in the future should the business need it,” said Pape.

The company also saw an increase in its earnings before interest, taxes, depreciation, and amortization (EBITDA), it increased from $9.4 million to $13 million.

“We look forward to the opportunities ahead and to expanding our customer base and our product and service offerings to increase our leadership position in the markets we serve,” said Pape.

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