DXP Enterprises on Tuesday reported a 30% increase in sales in the first three months of the year as its earnings and income soared compared to the beginning of 2021.
The Houston industrial distributor said sales rose from $245.6 million in the first quarter of last year to nearly $320 million in the latest January-March window. Earnings per diluted share climbed from $0.02 to $0.65 over that span, while net income jumped from some $371,000 to $12.6 million.
Company officials said they were encouraged by both organic and acquisition growth — as well as its operating leverage — amid a slew of macroeconomic challenges, including continued COVID impacts, supply chain headaches and inflation. Chairman and CEO David Little noted that the company closed three acquisitions during the first quarter and expects to make more additions later in the fiscal year.
“While the near-term environment remains dynamic with product inflation, supply chain and labor challenges, and broader economic uncertainty, we remain confident that the underlying demand trends, our robust acquisition pipeline, and our strategic initiatives will allow us to achieve excellent performance and growth in 2022 and beyond,” Little said in a statement.