XPEL, Inc. (NASDAQ:XPEL) shares plummeted by 5.17% in intraday trading on Thursday, February 27, following the release of the company's full-year 2024 earnings results.
While XPEL reported a 6.1% increase in revenue to $420.4 million, meeting analyst expectations, the company's net income declined by 14% to $45.5 million, and profit margins dropped from 13% in 2023 to 11% in 2024. The lower profitability was attributed to higher expenses.
XPEL's earnings per share (EPS) of $1.65 also fell short of the previous year's figure of $1.91, despite meeting analyst expectations. The company cited challenges in maintaining its profitability levels, which may have raised concerns among investors regarding its ability to control costs and sustain growth.
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