XPEL Inc., a global provider of protective films and coatings, announced results for the fourth quarter and year ended Dec. 31, 2019.
Fourth Quarter 2019 Highlights:
- Revenues increased 47.4% to $39.5 million compared to fourth quarter 2018
- Net Income of $4.6 million compared to $1.9 million in the same quarter of 2018
- EBITDA increased to $5.6million compared to $2.9 million in fourth quarter 2018
Full Year 2019 Highlights:
- Revenues increased 18.2% to $129.9 million compared to full year 2018
- Gross margin improved to 34.5% compared to 30.4% for full year 2018
- Earnings per share of $0.51 compared to $0.32 per share in 2018
Ryan Pape, president and CEO of XPEL, commented, “We closed 2019 on a strong note, delivering another quarter of record revenues, enhanced profitability and significant EBITDA growth to cap our best year ever.”
China revenue in Q1 has been significantly negatively impacted by COVID-19. The company believes the impact of COVID-19 will begin to diminish in the China market in the second quarter. The company is monitoring the impact of COVID-19 in other markets, including Europe and the United States. To date in the first quarter, the company has seen strong performance in both the United States and Europe.
