XPEL Inc. posted a 19% revenue increase in its most recent quarter, according to its financial report. Revenues increased 17.1% to $64.2 million compared to its second quarter 2019. Net income increased 14.7% to $5.6 million, according to its financial report.
“We’re very pleased to have achieved strong second quarter results even as the world continued to contend with the impact of the COVID-19 pandemic,” said Ryan Pape, president and CEO. “As we moved through the quarter, following early lockdown-related declines, we saw incredible top line resilience, led by the United States and China, which culminated in an all-time record revenue month in June. Early in the quarter, our team took swift action to manage through the crisis.”
According to the financial report, the company’s half-year revenues increased by 17.1% or $9.4 million to $64.2 million when directly compared to the $54.8 million in earned in the same period last year. XPEL’s gross margin was largely consistent at 34.3% compared to the first six months of 2019, according to its financial report.
“While the economy continues to face uncertainty related to future COVID-19 impacts, we are cautiously optimistic that our second quarter momentum will continue as we move through the rest of the year,” said Pape.