Xpel, Inc. (NASDAQ:XPEL) Q1 2024 Earnings Conference Call May 2, 2024 11:00 AM ET
Company Participants
John Nesbett - Investor Relations
Barry Wood - CFO & SVP
Ryan Pape - Chairman, President & CEO
Conference Call Participants
Jeff Van Sinderen - B.Riley Securities
Operator
Good morning, everyone, and welcome to the Xpel Incorporated first quarter 2024 earnings call. At this time, all participants have been placed on a listen-only mode and the floor will be open for questions after the presentation. If anyone should require operator assistance during the conference, please press star zero on your phone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, John Nesbett of IMS Investor Relations. John, you may begin.
John Nesbett
Good morning and welcome to our conference call to discuss Exponent's financial results. For the first quarter of 2024.
On the call today, Ryan Pape, Xpel's President and Chief Executive Officer, and Barry Wood, Xpel Senior Vice President and Chief Financial Officer, will provide an overview of the business operations and review the Company's financial results. Immediately after the prepared comments, we'll take questions from our call participants.
Now take a moment to read the Safe Harbor statement. During the course of this call, we'll make certain forward-looking statements regarding XPEL, Inc. and its business, which may include but not be limited to anticipated use of proceeds from capital transactions, expansion into new markets and execution of the Company's growth strategy. Such statements are based on our current expectations and assumptions, which are subject to known and unknown risk factors and uncertainties that could cause our actual results to be materially different from those expressed in these statements. Some of these factors are discussed in detail in our most recent Form 10 K 10 K, including under item one A. risk factors filed with the SEC. Xpel undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
With that, I'll now turn the call over to Ryan. Go ahead, Ryan.
Ryan Pape
Thank you, John. Good morning, everyone, and welcome as well to the first quarter 2020 for conference call, I think obviously Q1 was a tough quarter for us. Revenue grew 5% to $90 million. US revenue grew 1.9% compared to Q1 2023 to $52 million. We saw softness in the aftermarket to start the year, and this is a continuation of a trend that we saw starting in late summer, which I think we've talked about generally. We're also now going to be lapping the stronger part of 2023, which was the first half our customers in the aftermarket are very diverse and it's hard to generalize them as a whole.