DXP Enterprises sales drop 20.2 percent
DXP Enterprises reported sales for the fourth quarter of 2016 were $222.3 million, a decrease of 20.2 percent compared to $278.7 million for the fourth quarter of 2015.
Net income of $7.4 million, or 42 cents per share, compared to a net loss of $2.9 million, or a loss of 20 cents per share, in the same period last year.
For the year, sales were $962.1 million, compared to $1.2 billion for fiscal year 2015, a decrease of 22.9 percent. Organic sales decreased 23.6 percent, acquisitions positively impacted sales by $15.1 million for 2016.
Net income for the year of $7.2 million, or 49 cents per share, compared to a loss of $38.5 million, or a loss of $2.68 per share, in 2015.
Service Centers’ revenue for the fiscal year was $621.0 million, a decline of 24.9 percent year-over-year with a 7.7 percent operating income margin. Organic revenue declined 26.1 percent year-over-year as the Tool Supply and Cortech acquisitions positively contributed $15.1 million in sales during 2016.
Innovative Pumping Solutions’ revenue for the fiscal year was $187.1 million, a decline of 26.6 percent year-over-year with a 5.3 percent operating income margin.
Supply Chain Services’ revenue for the fiscal year was $154.0 million, a decline of 7.0 percent year-over-year with a 10.0 percent operating margin.
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.
