DXP Enterprises posted an increase in quarterly sales and profits during the latest three-month reporting window, but its earnings slid compared to the same quarter last year.
The Houston-based MRO and pumping solutions company — no. 17 on ID’s most recent Big 50 — on Thursday reported $445.6 million in April-June sales, up 4.1% from the $428 million disclosed in the same period of 2023.
The company’s gross profit also increased across that span — from $132 million up to $138 million — but its net income declined from $19.1 million down to $16.7 million. Earnings per diluted share were also down, slipping from $1.06 last year to $1 in the latest quarter.
Adjusted EBITDA increased from $45.3 million to $48.2 million year-over-year, which translated to an adjusted EBITDA margin of 10.8%.
DXP Chairman and CEO David Little said company officials were “pleased” with its performance during the quarter, which reflected the execution of the company’s growth strategy and the “resilience and durability” of its business.
Senior Vice President and CFO Kent Yee added that the results, in part, reflected DXP’s reduced exposure to the energy sector. The company’s pumping solutions revenue jumped by more than 50% year-over-year, offsetting declines in its service center and supply chain services businesses.
Yee said that DXP has completed four acquisitions during the first half of the year and expects to close on “at least two more acquisitions during the second half.”
