XPEL Reports Record Revenue of $112.9 Million in Third Quarter 2024

In This Article:

SAN ANTONIO, November 07, 2024--(BUSINESS WIRE)--XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of protective films and coatings, announced consolidated results1 for the third quarter of 2024.

Third Quarter 2024 Overview:

  • Revenue increased 9.9% to $112.9 million in the third quarter of 2024.

  • Gross margin of 42.5% in the third quarter of 2024.

  • Net income grew 9.1% to $14.9 million, or $0.54 per basic and diluted share, versus net income of $13.7 million, or $0.49 per basic and diluted share in the third quarter of 2023.

  • EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew 10.0% to $21.7 million, or 19.2% of revenue, compared to $19.7 million, or 19.2% of revenue in the third quarter of 2023. 2

First Nine Months 2024 Overview:

  • Revenue increased 7.6% to $312.9 million in the first nine months of 2024.

  • Gross margin of 42.7% in the first nine months of 2024.

  • Net income of $36.6 million, or $1.32 per basic and diluted share, versus net income of $40.8 million, or $1.48 per basic and diluted share in the first nine months of 2023.

  • EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $55.2 million, or 17.6% of revenue, compared to $59.2 million, or 20.4% of revenue in the first nine months of 2023.2

Ryan Pape, President and Chief Executive Officer of XPEL, commented, "We saw good performance in the third quarter with solid top and bottom line growth, particularly in the US region where we had record revenue. We look forward to capitalizing on this momentum to close out the year."

Financial Highlights for the Third Quarter 2024:

Summary consolidated financial information for the three months ended September 30, 2024 and 2023 (unaudited, dollars in thousands):

 

Three Months Ended September 30,

 

% Change

 

2024

 

%

of Total

Revenue

 

2023

 

%

of Total

Revenue

 

2024 vs.

2023

Total revenue

$

112,852

 

100.0

%

 

$

102,677

 

100.0

%

 

9.9

%

Gross margin

 

47,916

 

42.5

%

 

 

41,529

 

40.4

%

 

15.4

%

Operating Expenses

 

29,529

 

26.2

%

 

 

23,900

 

23.3

%

 

23.6

%

Operating income

 

18,387

 

16.3

%

 

 

17,629

 

17.2

%

 

4.3

%

Net income

 

14,892

 

13.2

%

 

 

13,656

 

13.3

%

 

9.1

%

EBITDA2

 

21,698

 

19.2

%

 

 

19,718

 

19.2

%

 

10.0

%

Net cash provided by operating activities

$

19,559

 

n/a

 

$

11,128

 

n/a

 

n/a

Geographical Revenue Summary

 

Three Months Ended

September 30,

 

% Change

 

% of Total

Revenue

 

2024

 

2023

 

Inc (Dec)

 

2024

 

2023

United States

$

64,565

 

$

59,002

 

9.4

%

 

57.2

%

 

57.5

%

Canada

 

14,415

 

 

11,471

 

25.7

%

 

12.8

%

 

11.2

%

China

 

9,058

 

 

10,242

 

(11.6

)%

 

8.0

%

 

10.0

%

Continental Europe

 

9,058

 

 

8,705

 

4.1

%

 

8.0

%

 

8.5

%

United Kingdom

 

3,548

 

 

3,499

 

1.4

%

 

3.2

%

 

3.4

%

Middle East/Africa

 

5,286

 

 

3,909

 

35.2

%

 

4.7

%

 

3.8

%

Asia Pacific

 

4,095

 

 

3,233

 

26.7

%

 

3.6

%

 

3.1

%

Latin America

 

2,827

 

 

2,325

 

21.6

%

 

2.5

%

 

2.3

%

Other

 

 

 

291

 

(100.0

)%

 

0.0

%

 

0.2

%

Total

$

112,852

 

$

102,677

 

9.9

%

 

100.0

%

 

100.0

%

Overall Revenue

Waiting for permission
Allow microphone access to enable voice search

Try again.