XPEL Reports Record Revenue of $102.2 Million in Second Quarter 2023

August 16th, 2023 by Chris Collier

XPEL, a global provider of protective films and coatings, announced results for the quarter ended June 30, 2023.

Second Quarter 2023 Highlights:

  • Revenues increased 21.9% to $102.2 million in the second quarter.
  • Gross margin percentage improved to 43.0% in the second quarter, a new high for the Company.
  • Net income grew 32.3% to $15.7 million, or $0.57 per share, compared to $11.9 million, or $0.43 per share, in the same quarter of 2022.
  • EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) grew 30.5% to $22.4 million, or 21.9% of revenues compared to $17.2 million in second quarter 2022.

First Six Months Highlights:

  • Revenues increased 20.8% to $188.1 million in the first six months of 2023.
  • Gross margin percentage improved to 42.5% in the first six months of 2023.
  • Net income grew 37.9% to $27.2 million, or $0.98 per share, compared to $19.7 million, or $0.71 per share, in the first six months of 2022.
  • EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) grew 36.0% to $39.5 million, or 21.0% of revenues compared to $29.1 million in first six months of 2022.

Ryan Pape, president and CEO of XPEL, commented, “We had another solid quarter and reached a significant milestone with quarterly revenue exceeding $100 million for the first time in the company’s history. Consumer recognition for the long-term value of protective films is increasingly moving beyond the enthusiast market and we’re focused on continuing to introduce the XPEL brand to a broader segment of automotive dealerships and auto buyers.”

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