XPEL Q2 Revenues Clock 22% Growth, Eyes Broader Segment Of Automotive Dealerships & Auto Buyers

XPEL, Inc. XPEL reported second-quarter FY23 sales growth of 21.9% year-on-year to $102.24 million, beating the consensus of $101.48 million.

The after-market automotive products company registered an EPS of $0.57, in line with the analyst consensus.

"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," said Ryan Pape, President and Chief Executive Officer of XPEL.

The gross margin for the quarter expanded by 370 basis points to 43%. 

EBITDA was $22.4 million (+30.2% Y/Y), or 21.9% of sales.

The company held $14.30 million in cash and equivalents.

"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," Pape added.

Price Action: XPEL shares traded lower by 6.5% at $75.27 on the last check Wednesday.