San Antonio-headquartered XPEL Inc. (Nasdaq: XPEL) reported record revenue of $71.9 million for the first quarter of 2022 ending March 31 on Tuesday.
That's a 38.6% increase year over year, with net income growing 14% to $7.8 million — 28 cents a share — from the first quarter of 2021, when the company saw $6.8 million and 25 cents a share.
When adjusted for costs associated with the Company's Dealer Conference, which was canceled in 2021 due to the pandemic, the company's net income is estimated to have grown 23.2% to $8.4 million, which amounts to 30 cents a share.
The gross margin percentage hit 38.6% in the first quarter — another company record.
In October 2021, XPEL acquired three Canadian companies — Shadow Shield, Shadow Tint and North 1 Technologies — and two Scottsdale, Arizona-based installers of window film and other products, One Armor and Tint Net, in a $20.1 million deal. Later that month, it acquired invisiFRAME, Ltd., a maker of custom bicycle frame protection kits based in the United Kingdom.
XPEL also bought an automotive window tinting competitor, Utah-based PermaPlate Film LLC, in May 2021 for a reported $30 million.
XPEL was founded in 1997 and over the years its products have expanded to include window tinting, ceramic coatings, automative and window protection film, and antimicrobial film and protective film for home items and electronics. Ryan Pape is the company's CEO.
