DXP Enterprises on Thursday reported increases in both fourth-quarter and full-year sales, wrapping up what executives called “the most profitable year in our company’s history.”
The Houston-based MRO and pump distributor posted just more than $1.8 billion in sales, a 7.4% increase from its 2023 revenue total of $1.7 billion.
Gross profit rose from $505 million to $556 million last year, while income from operations climbed from $139 million to $145 million. The company’s annual net income, however, edged up from $69 million in 2023 to above $70 million last year.
DXP's fiscal year was lifted by a nearly 48% increase in sales in its pumping solutions segment, which contributed $323 million in revenue to the company’s total. Its largest segment, service centers, saw nearly 2% sales growth to $1.2 billion, while supply chain services sales slipped by 1.5% to $256 million.
On a quarterly basis, DXP's sales climbed from $407 million in the same quarter of 2023 up to $471 million in the latest three-month window. Q4 net income rose from $16 million to $21 million year-over-year.
DXP Chairman and CEO David Little added in the company’s earnings release that the momentum from the final quarter of 2024, along with its backlogs, positioned it “for success as we move into 2025.”
“We see positive dynamics in our traditional end markets like oil and gas, as well as positive outlooks for end markets like water and wastewater,” Little said.
DXP ranked at no. 17 on ID’s 2024 Big 50 list.
