Shares of XPEL, Inc. (XPEL), a provider of protective films and coatings, were down more than 16 percent in pre-market on Thursday to $15.50, after reporting significantly lower profit for the first quarter despite growth in revenue.
Net income decreased 41.7 percent to $6.7 million, or $0.24 per share, from $11.4 million, or $0.41 per share in the same quarter a year ago, mainly impacted by higher expenses.
Operating expenses increased 36.2 percent year on year to $28.65 million.
Excluding one-time items, earnings were $0.29 per share.
Revenue for the quarter, however, increased 5 percent to $90.1 million from $85.84 million in the previous year.
XPEL shares had closed at $53.79, 2.36 percent up on Wednesday. The stock has been trading in the range of $40.77 - $87.46 in the last 1 year.
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