XPEL Reports Third Quarter 2022 ResultsNovember 16th, 2022 by Chris Collier
XPEL, a global provider of protective films and coatings, announced results for the third quarter and nine months ended September 30, 2022.
Third Quarter 2022 Highlights
Revenues increased 31.0% to a record $89.8 million in the third quarter; gross margin percentage improved to 39.8% in the third quarter, a new high for the company; and net 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.
First Nine Months Highlights
Revenues increased 29.8% to $245.5 million in the first nine months of 2022; gross margin percentage improved to 39.3% in the first nine months of 2022; and net 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.
Ryan Pape, president and CEO of XPEL, comments, “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.”