DXP Enterprises sales fall 15.2%
DXP Enterprises reported second quarter sales of $323.7 million were down 15.2% compared to $381.6 million for the second quarter of 2014.
Organic sales decreased 16.3%, acquisitions positively impacted sales by $4.4 million. The impact of the stronger U.S. dollar decreased revenues by $4.1 million or 1.3%
Net income was $7.2 million, or 2.2% of sales, compared to $14.9 million, or 3.9% of sales, for the second quarter of 2014.
Earnings per diluted share for the second quarter of 2015 were $0.47 per share, based on 15.2 million diluted shares, compared to $0.96 per diluted share in the second quarter of 2014, based on 15.5 million diluted shares.
“DXP achieved solid results this quarter in the midst of the cyclical downturn tied to oil and gas. Total DXP revenue of $323.7 million declined 5% sequentially and 15% year over year, outperforming the 15% sequential drop in the North American rig count and the 53% decline year over year," said David R. Little, chairman and chief executive officer.
He added that during the second quarter, DXP experienced sequential organic growth within Supply Chain Services, a 6% sales decline within Service Centers and a 10% decline within Innovative Pumping Solutions. The main drivers continue to be upstream drilling, development and completion; and upstream production. This has been offset by continuing strength in food & beverage, chemical, agriculture and general MRO industrial markets.
INDUSTRIAL SUPPLY MAGAZINE
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