XPEL Q1 net income down 42%; revenue +5% to $90.1M; cuts FY revenue growth view to 8-10%

XPEL, Inc.

2024-Q1 EPS reported $0.24 revenue$90,104,000

EPS fell to $0.24 ($0.29 adjusting for $1.6M dealer conference costs) vs $0.41 in Q1 2023.
Revenue grew 5% to $90.1M; US revenue up 1.9% to $52M; China revenue plunged 78% to $1.5M.
EBITDA declined 31.5% to $11.7M (13.0% margin); operating income down 38% to $9.2M.
FY 2024 revenue growth guidance revised down to 8-10% from prior 15%, citing US aftermarket slowdown.
Net cash used in operations was $5.0M vs $0.7M provided a year ago; inventory remains elevated.

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