XPEL Reports Revenue of $83.9 Million in Second Quarter 2022August 10th, 2022 by Chris Collier
XPEL, a global provider of protective films and coatings, announced results for the second quarter and six months ended June 30, 2022. Revenues increased 22.0% to a record $83.9 million in the second quarter, 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, president and CEO of XPEL. “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.”
The first six months of 2022 saw revenues increase 29.1% to $155.8 million; gross margin percentage improved to 39.0% in the first half of 2022; and net income grew 15.7% to $19.7 million, or $0.71 per share, compared to $17.0 million, or $0.62 per share, in the first six months of 2021.
American multinational investment management corporation BlackRock recently filed an SC 13G form with the Securities and Exchange Commission (SEC) disclosing ownership of 2,917,123 shares of XPEL. This represents 10.6% ownership of the protective films and coatings provider.
BlackRock’s investment preceded the news that XPEL has been selected as the exclusive supplier to Rivian Automotive for their new paint protection film (PPF) factory direct program. By the terms of the agreement, Rivian Automotive will offer factory direct PPF options to its customers ordering their new R1T and R1S models beginning in late 2022. Customers can choose between two PPF option packages: front gloss paint guard or full body satin paint guard.
The paint guard packages have been developed cooperatively between XPEL and Rivian’s vehicle engineering and design teams to enhance the adventures of R1T and R1S owners, according to the release. XPEL will operate an installation facility in close proximity to Rivian’s Normal, Ill., assembly plant to ensure installation quality control.
“We’re pleased to have this opportunity to bring our proprietary design methodology and state-of-the-art paint protection films to Rivian customers as the exclusive supplier of factory direct PPF for their R1T and R1S vehicles,” says Tim Hartt, vice president – technical operations and OEM of XPEL. “We are the leader in advanced OEM level PPF solutions, and we look forward to leveraging our experience as a tier one supplier working with premium automotive brands to introduce XPEL products to Rivian and their customers.”