DXP Enterprises sales jump 37.8%
DXP Enterprises Inc. announced that sales for the first quarter of 2012 increased 37.8% to approximately $252.3 million from $183.1 million for the same period in 2011.
Sequentially, sales increased $33.9 million, or 15.5%, from $218.4 million of sales for the fourth quarter ended Dec. 31, 2011.
Net income for the period was $11.6 million, or 77 cents per fully diluted share, compared to $6.3 million, or 42 cents per fully diluted share, in the first quarter of 2012.
“We are pleased to report a strong first quarter and start of our new year. All three business segments are performing well with sequential growth in top line sales and bottom line profits exceeding the fourth quarter of 2011," said David R. Little, chairman and chief executive officer.
During the quarter, the company completed two strategic acquisitions, Mid-Continent Safety and Pump & Power, in the North Central region. The North Central region will now have access to technical people for all five product divisions, rotating equipment, bearing and power transmission, safety, metal working and industrial supplies, which helps in creating new SuperCenters and cross selling, he added. "We continue to invest in our operations as we have targeted 15 new SuperCenters and added fabrication capacity in Snyder, Texas and Golden, Colorado to increase the Innovative Pumping Solutions segment's growth. We are excited about our expansion into Canada and the growth of all our product divisions."
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
