HOUSTON -- DXP Enterprises, Inc. today announced net income of $5,345,000 for the third quarter ended September 30, 2010, with diluted earnings per share of $0.36 compared to net income of $2,684,000 and diluted earnings per share of $0.19 for the third quarter of 2009. Sales increased $28.8 million, or 20.1%, to approximately $172.2 million from $143.4 million for the same period in 2009.
Net income for the third quarter of 2010 increased 16.6% from $4,584,000 for the second quarter of 2010. Sales for the third quarter of 2010 increased 3.0% compared to the second quarter of 2010. Diluted earnings per share for the third quarter of 2010 increased 16% compared to the second quarter of 2010.
Net income for the nine months ended September 30, 2010 was $13,521,000, with diluted earnings per share of $0.93 compared to net income of $8,022,000 and diluted earnings per share of $0.57 for the first nine months of 2009. Sales for the nine months ended September 30, 2010 increased $41.1 million, or 9.2%, to approximately $486.5 million from $445.4 million for the same period in 2009.
David R. Little, Chairman and Chief Executive Officer said, "We are pleased with the results of all three segments as each showed sequential growth compared to our second quarter results. Our sales strategies and operational excellence programs are producing both qualitative and quantitative results. We are optimistic that our segments and business will show continued progress over the balance of the year. Our management team remains focused on growing sales, improving EBITDA margins, creating SuperCenters, achieving operational excellence and being customer driven."
Mac McConnell, Senior Vice President and Chief Financial Officer said, "We are pleased with our sequential growth from the second quarter to the third quarter and our operating leverage that resulted in a 16.6% increase in net income on a 3.0% increase in sales. Our balance sheet, as of September 30, 2010, continues to strengthen as we generated strong cash flows from our working capital, asset management and cost reduction initiatives."
