Stock Track | XPEL Soars on Strong Q3 Results, Global Expansion Plans

Stock Track11-09

XPEL, Inc.'s stock surged 5.4% on November 8, 2024, as the company reported record-high revenue and robust financial performance for the third quarter, along with strategic global expansion plans that excited investors.

The automotive protection film provider saw its revenue grow by 9.9% year-over-year to $112.9 million, driven by a 9.4% increase in its U.S. business and an impressive 25.7% growth in Canada. XPEL's net income also rose by 9.1% to $14.9 million, with an earnings per share of $0.54, beating analyst estimates.

XPEL's strong performance can be attributed to several factors, including successful acquisitions of distributors in India and Japan, which are expected to accelerate business growth and expand its product and service offerings in those markets. Additionally, the company's focus on optimizing its product portfolio and exploring OEM and dealership opportunities in China, despite temporary headwinds in that region, demonstrates a strategic approach to maintaining and increasing its market share.

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