Q4 2024 Xpel Inc Earnings Call Transcript
Key Points
- XPEL Inc (XPEL) achieved a revenue growth of over 6% in 2024, reaching $420.4 million, despite challenging macroeconomic conditions.
- The company's US region saw a revenue increase of 6.2% in the fourth quarter, with dealership services revenue growing around 9%.
- XPEL Inc (XPEL) reported a gross margin improvement of 120 basis points over 2023, reaching 42.2% for the year.
- The company successfully completed distributor acquisitions in Japan, Thailand, and India, enhancing its global presence.
- XPEL Inc (XPEL) launched a new windshield protection film product, generating $1.5 million in revenue in just one month of sales.
- XPEL Inc (XPEL) faced significant challenges in China, with revenue declining from $16.6 million in Q4 2023 to $9.2 million in Q4 2024.
- The company's OEM revenue declined slightly due to changes in the Rivian program, impacting quarterly results.
- SG&A expenses grew by 17.4% in the fourth quarter, driven by acquisition-related costs and increased marketing spend.
- XPEL Inc (XPEL) experienced a 25.7% decline in net income for the quarter, with EPS dropping to $0.32 per share.
- The company is facing uncertainties related to tariffs, currency fluctuations, and interest rates, which could impact future performance.
Greetings. Welcome to the XPEL Inc fourth quarter in year-end 2024 earnings call. (Operator Instructions). I will now turn the conference over to your host John Nesbett with IMS Investor Relations. Sir, you may begin.
Good morning and welcome to our conference call to discuss XPEL's fourth quarter in 2024 UN financial results. On the call today are Ryan Pape, XPEL 's President and Chief Executive Officer, and Barry Wood, XPEL 's Senior Vice President and Chief Financial Officer. We will provide an overview of the business operations and review the company's financial results.
Immediately after the prepared comments, we will take questions from our call participants. Also, a transcript of this call will be available on the company's website after the call. Take a moment now to read the safe harbor statement. During the course of this call, we will make certain forward-looking statements regarding XPEL Inc and its business.
Which may include but are not limited to anticipated use of proceeds from
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