DXP Enterprises’ full-year sales jumped by nearly one-third in 2022 while its net income nearly tripled compared to the previous year, company officials announced Friday.
The Houston-based pump and MROP distributor posted sales of $1.48 billion during the 2022 calendar year, an increase of 33% over the $1.11 billion reported in 2021. The company’s gross profit climbed from $329 million to $422 million over that span, while both net income and diluted earnings per share roughly tripled, soaring from $15.7 million to $48.1 million and from $0.83 to $2.47 per share, respectively.
The final quarter of the year was even stronger for DXP, unlike many other distributors reporting Q4 totals early in 2023. Sales climbed by nearly 39% in the last three months of the year compared to the fourth quarter of 2021, while diluted EPS jumped from $0.05 to $0.37 year-over-year.
Company officials attributed the results to “consistent and resilient demand” as well as the impact of higher prices during the year. Executives added that DXP’s backlog levels and momentum from the final quarter of last year positioned the company for a strong 2023, particularly as economic volatility and uncertainty “appears to be leveling.”
“Looking ahead, we intend to maintain that same discipline to navigate the current environment while positioning DXP to be an even stronger company through investments to automate and modernize the business as we continue to grow organically and through acquisitions," Chairman and CEO David Little said in a statement.
DXP came in at no. 17 on last year’s ID Big 50.
