DXP Sales Up 29%

Earnings per diluted share were up more than 80%.

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DXP Enterprises on Monday reported sharply higher sales and earnings in the second quarter of the year.

The Houston-based distributor and service provider said sales rose from $285.7 million in the second quarter of 2021 to $367.8 million between April and June, an increase of 28.7%. Acquisitions contributed $21.3 million to sales in the quarter; DXP completed its purchase of Cisco Air Systems in early May.

Earnings per diluted share, meanwhile, climbed from $0.41 in the previous second quarter to $0.74 this year. Net income increased from $8.1 million to $14.1 million year-over-year.

DXP executives said the industry continues to manage pressure from inflation and that the company expects a strong second half of the year despite a macro-economic environment that would remain “dynamic.” Chairman and CEO David Little said strong demand trends, strategic initiatives and acquisitions would position the company for an improved 2023.

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