The following is a summary of the XPEL, Inc. (XPEL) Q2 2024 Earnings Call Transcript:

Financial Performance:

• XPEL reported Q2 2024 revenue of $109.9 million, a 7.5% increase.

• U.S. business grew just under 10% to $64.9 million.

• Gross margin performance for the quarter was strong at 43.5%.

• SG&A expenses grew by 20.5% to $28.7 million.

• Net income declined 4.5% to $15 million with an EPS of $0.54.

Business Progress:

• Launched a new product line in China targeting the mid-tier market.

• Announced the upcoming launch of windshield protection films in late Q3 to early Q4.

• Closed two acquisitions, including Protective Film Solutions and a distributor in India.

• Introducing a new OEM and partner referral program utilizing the independent installer network.

• Reported record revenue months in June and July, expecting higher revenues in Q3, especially in China.

Opportunities:

• Launched a product line in China and planning further expansion in low labor cost markets like Southeast Asia and India.

• Planning to decentralize European-based OEM operations into other countries through international subsidiaries.

Risks:

• Mentioned macroeconomic uncertainty as a factor affecting forecasting and performance reliability.

• China business saw a significant decline of 45.7% in revenue, emphasizing ongoing market choppiness.

More details: XPEL Inc IR

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