DXP 4Q sales up 7 percent
DXP Enterprises reported fourth quarter net income of $16.9 million, or $1.10 per fully diluted share, compared to $14.1 million, or 92 cents, in the same period last year.
For the year, DXP reported net income of $60.2 million, or $3.94 per share, compared to $51.0 million, or $3.35, in 2012.
Sales for the fourth quarter of 2013 increased 7.08% to approximately $313.8 million from $293.0 million for the same period in 2012. For the year, sales increased 13.2% to approximately $1.24 billion from $1.09 billion for 2012.
Innovative Pumping Solutions lead the way with 29.6% sales growth followed by DXP’s Service Centers, which grew at 13.5%. DXP’s Supply Chain Services revenues declined by 5.6%, however, SCS improved operating margins by 50 basis points.
The company completed four acquisitions in 2013, including the purchase of National Process Equipment Inc. and Alaska Pump which helped grow its Rotating Equipment division. The acquisitions of Tucker Tool and Tool-Tech helped grow the Metal Working division. Total employees increased from approximately 2,817 to 3,207.
“As we enter 2014, we are optimistic that the economy will improve. However, whether we continue in a see-saw environment or not, DXP will continue to grow sales organically, invest in the business, make strategic acquisitions and focus on creating efficiency,” said David R. Little, chairman and chief executive officer.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
