- XPEL Inc (NASDAQ:XPEL) reported fourth-quarter FY22 sales growth of 11.9% year-on-year to $78.5 million, missing the consensus of $84.1 million.
- The revenue was negatively impacted by approximately $3.5 million resulting from the cancellation of some China orders due to uncertainty created by the change in COVID policies and China’s reopening.
- Product revenue rose 6.6% Y/Y, and Services revenue increased 34.3%.
- Gross margin for the quarter expanded 440 basis points to 39.6%. The operating margin was 13.8%, up 166 bps.
- EBITDA margin was 16.8%, up by 260 bps. EPS of $0.30 missed the consensus of $0.44.
- The company held $8.06 million in cash and equivalents.
- Ryan Pape, President and Chief Executive Officer of XPEL, commented, “Despite some headwinds in the fourth quarter, there is a lot to be positive about as we look to 2023. We continue to have tremendous momentum in almost all of our regions, particularly the US which grew 31.6% in the quarter. Automakers seem cautiously optimistic about 2023 and new car inventories continue to improve. This momentum has continued and we are off to a great start in 2023.”
- Price Action: XPEL shares traded lower by 20.4% at $61.46 on the last check Tuesday.
1,062 ETH Worth $1M Was Just Burned
What happened: On Tuesday a total of 1,062.07 Ether (CRYPTO: ETH) worth $1,955,815, based on the current value of Ethereum at time of publication ($1,841.52), was burned from Ethereum transactions.
