Victory Capital Management filed a 13F-HR form on August 1 disclosing ownership of zero shares of XPEL (US: XPEL) with total holdings valued at $0 USD as of June 30, 2022. Victory Capital Management had filed a previous 13F-HR on May 4, 2022 disclosing 5,286 shares of XPEL at a value of $229,000 USD. This represents a change in shares of -100.00 percent and a change in value of -100.00 percent during the quarter.

Global investment management firm Victory Capital Management’s sell-off follows several positive financial developments for protective films and coatings provider XPEL. American multinational investment management corporation BlackRock filed an SC 13G form with the Securities and Exchange Commission (SEC) disclosing ownership of 2,917,123 shares of XPEL. This represents a 10.6% ownership stake in the company.

XPEL finds itself having a successful 2022, recently announcing results for the second quarter and six months ended June 30, 2022. Revenues increased 22.0% to $83.9 million in the second quarter; gross margin percentage improved to 39.3% in the first quarter, a new high for the company; and net income grew 16.8% to $11.9 million, or $0.43 per share, compared to $10.2 million, or $0.37 per share, in the same quarter of 2021.

“We’re pleased to have delivered strong second quarter results, especially in the face of continuing headwinds related to ongoing tight new car inventory, COVID-related impacts in China and the strengthening U.S. dollar,” says Ryan Pape, XPEL president and CEO. “We continued to see robust demand for our products and services across most of our regions. We remain confident in our ability to drive continued strong performance in the second half of 2022.”

For the six months ended June 30, 2022, revenues increased approximately $35.2 million or 29.1% to $155.8 million as compared to $120.6 million in the first six months of the prior year. Gross margin was 39.0% compared to 36.1% in the first half of 2021. Net income was $19.7 million, or $0.71 per basic and diluted share versus net income of $17.0 million, or $0.62 per basic and diluted share in the first six months of 2021.

Quarterly results follow news that XPEL has been selected as the exclusive supplier to Rivian Automotive for their new paint protection film (PPF) factory direct program.