XPEL, a provider of protective films and coatings, announced results for the Q1 that ended March 31, 2022. Revenues increased approximately $20.0 million or 38.6% to $71.9 million as compared to $51.9 million in the first quarter of the prior year.
The gross margin was 38.6% compared to 35.3% in the first quarter of 2021. Operating expenses increased to $17.7 million, or 24.6% of sales, compared to $9.7 million or 18.8% of sales in the prior-year period. Net income was $7.8 million, or $0.28 per basic and diluted share versus net income of $6.8 million, or $0.25 per basic and diluted share, in the first quarter of 2021.
โWe delivered a strong first quarter to begin 2022, despite ongoing challenges with new car inventory in the U.S. and impacts from COVID-related lockdowns in China,โ says Ryan Pape, president and CEO. โWe have taken actions to navigate a unique set of circumstances where weโre seeing strong retail demand with simultaneous new car inventory constraints. Despite this unusual environment, we believe we are well-positioned to deliver solid results in coming quarters.โ
