XPEL, Inc. (NASDAQ: XPEL) reported Q1 EPS of $0.06, $0.01 better than the analyst estimate of $0.05. Revenue for the quarter came in at $28.4 million versus the consensus estimate of $25.66 million.

For the Quarter Ended March 31, 2020:

• Revenues. Revenues increased approximately $3.7 million or 14.8% to $28.4 million as compared to $24.7 million in the prior year.
• Gross Margin. Gross margin improved to 36.3% compared to 33.0% in the first quarter of 2019.
• Expenses. Operating expenses increased to $7.8 million or 27.5% of sales as compared to $5.7 million or 23.0% of sales in the prior year period. The increase was primarily due to $0.7 million in expenses associated with the Company’s annual dealer conference. The 2019 dealer conference took place in the second quarter.
• Foreign Currency Exchange. Foreign Currency Exchange loss increased to $0.4 million in the first quarter compared to $0.02 million in the first quarter last year.
• Net income. Net income was $1.6 million, or $0.06 per basic and diluted share versus net income of $1.9 million, or $0.07 per basic and diluted share in the first quarter of 2019.
• EBITDA. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $2.6 million, or 9.1% of sales, as compared to $2.8 million in the prior year1.
• As of March 31, 2020, XPEL had cash and cash equivalents of $14.8 million compared to $11.5 million at December 31, 2019.

Ryan Pape, President and Chief Executive Officer of XPEL, commented, “We experienced the impact of COVID-19 early in the first quarter with our large China business. We have taken aggressive steps to safeguard our team while managing through the crisis as it now impacts our other regions. We have seen a rebound in our China business, and we remain optimistic that we will see continued recovery in other regions coming out of the peak COVID-19 impact. Early signs thus far have been encouraging.”

For earnings history and earnings-related data on XPEL, Inc. (XPEL) click here.