- XPEL Inc (NASDAQ:XPEL) reported first-quarter FY23 sales growth of 19.5% year-on-year to $85.84 million, beating the consensus of $83.62 million.
- The after-market automotive products company registered an EPS of $0.41, beating the analyst consensus of $0.37.
- Product revenue rose 15.9% Y/Y, and Services revenue increased 34.6%.
- Gross margin for the quarter expanded 330 basis points to 41.9%. The operating margin was 17.4%, up nearly 350 bps.
- The company held $8.33 million in cash and equivalents.
- Ryan Pape, President and Chief Executive Officer of XPEL, commented, “We continue to see good momentum in our business and remain focused on driving growth as we move through 2023.”
- Price Action: XPEL shares traded higher by 4.23% at $73.36 on the last check Tuesday.
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